Free Trial

Early Flattening Holds

JGBS

There wasn’t much to add to our previous JGB comment when it comes to price action/market colour, with futures hitting the lunch break -5 and the light outperformance in the super-long end of the curve holding.

  • The breakdown of the latest round of BoJ Rinban operations yielded the following offer/cover ratios:
  • 1- to 3-Year: 1.93x (prev. 1.99x)
  • 3- to 5-Year: 2.42x (prev. 3.13x)
  • 5- to 10-Year: 2.11x (prev. 2.13x)
  • We wouldn’t expect much in the way of meaningful price action to come from these results, but there may be a very modest bid in the 1- to 10-Year zone when afternoon trading resuming.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.