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Coiling, Rinban Provides No Catalyst

JGBS

JGB futures consolidated within the upper end of their overnight session range during the Tokyo morning, operating in familiar territory, hitting the break 7 ticks above Tokyo settlement levels. Cash trade generally saw a light bid across the curve, with 5- & 10-Year JGBs seeing some light outperformance.

  • There was little to go off for the space, with the size of the latest round of BoJ 1-10 Year Rinban operations left unchanged, while the offer to cover ratios of the operations (which are released during the lunchbreak) printed as follows:
  • 1-3 Year: 3.01x (prev. 1.99x)
  • 3-5 Year: 3.29x (prev. 3.96x)
  • 5-10 Year: 2.61x (prev. 2.51x)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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