Futures continued to fade after the early......>

JGBS: Futures continued to fade after the early shunt higher at the Tokyo

re-open, even after the BoJ upped the size of its 5-10 Year BoJ Rinban

purchases, with the global dynamic slowly reversing some of the impetus of any

local "bargain hunting" after the recent sell off. Contract finished the morning

session 8 ticks below settlement levels, still well off overnight lows.

- 20- & 30-Year LCH/JSCC spreads are stable today after foreign paying seemingly

helped to drive long end swaps and JGB yields higher earlier this week (as

flagged at the time).

- BoJ Rinban ops saw the 1-3 Year offer/cover ratio tick higher and spreads

widen vs. prev.ops, while 3-5 Year ops saw the offer/cover nudge higher and

spreads little changed, with the 5-10 Year ops seeing the offer/cover ratio

moderate (as op sizes increased), with spreads little changed vs. prev. op.

- 3-Month Bill supply due imminently.