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Firmer & Flatter During The Afternoon

JGBS

JGB futures have pulled higher during the Tokyo afternoon, looking above their overnight session high to last trade +19 on the day. Meanwhile, cash JGB trade sees the major benchmarks trade unchanged to 2bp richer, with 7s and the 20+-Year zone outperforming

  • The continued presence of the BoJ in the market may provide the explanatory factor here. The latest round of BoJ Rinban operations saw the following offer/cover ratios:
  • 1-to 3-Year: 2.47x (prev. 1.92x)
  • 3-to 5-Year: 2.23x (prev. 2.28x)
  • 25+-Year: 3.22x (prev. 4.38x)
  • The moderation in cover ratio covering 25+-Year JGBs may have provided a bid for the super long end, although it is a little firmer than we would expect. An associated run higher in the liquid futures contract likely explains the bid in 7s.
  • Receiving of OIS also looks to have played into the move, with JGB/OIS spreads tighter across the curve.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income Bullets

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