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Bullish Price Sequence

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Nothing to really add to our earlier JGB bullet, with the futures-driven weakening impulse still evident as that contract trades -26 on the day, while swap spreads are typically wider from 5-Years to further out the curve (excluding 7s given the futures-driven impulse of the move in JGBs).

  • The latest BoJ Rinban ops saw the following cover ratios, which may be adding some light pressure in early afternoon dealing:
  • 1- to 3-Year 2.75x (prev. 1.97x)
  • 3- to 5-Year 3.11x (prev. 2.25x)
  • 5- to 10-Year 2.58x (prev. 2.04x)
  • 25+-Year 5.40x (prev. 2.85x)