MNI BRIEF: Trudeau Has Second Minister Resign In Two Months

MNI BRIEF: US Existing Home Sales Slipped 2.5% To 3.86M In Aug

MNI: Central Bank Autonomy Vital Amid Tough Recent Hikes-BOC

MNI CBRT WATCH: Rates On Hold, Sees Expectations Upside Risk

MNI China Daily Summary: Thursday, September 19

MNI BRIEF: China Pledges To Boost Macro Policy Efforts

US EIA:NAT GAS STORAGE +58 BCF TO 3,445 BCF SEP 13 WK

MNI: US NAR: AUG EXISTING HOME SALES 3.86M SAAR

MNI: US SEP PHILADELPHIA FED MFG INDEX 1.7

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Futures Gap Lower After Lunch Consistent With BoJ Rinban Operation Results

JGBS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

In early afternoon trade, JGB futures are stronger, +8 compared to settlement levels, but well off session bests.

  • The weakening in the early rounds after lunch is consistent with the results of this morning’s BoJ Rinban operations, which saw higher offer cover ratios (1-3-year: 3.91x, 3-5-year: 2.48x and 5-10-year: 2.99x).
  • Outside of the previously outlined Trade Balance data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s gains.
  • Cash JGBs are flat to 1bp richer, with the belly of the curve outperforming. The benchmark 10-year yield is 0.1bps lower at 0.892% versus the cycle high of 1.108%.
  • Swaps are slightly mixed, with rate swings bounded by +/- 1.5bps. Swap spreads are generally wider.
127 words

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.

In early afternoon trade, JGB futures are stronger, +8 compared to settlement levels, but well off session bests.

  • The weakening in the early rounds after lunch is consistent with the results of this morning’s BoJ Rinban operations, which saw higher offer cover ratios (1-3-year: 3.91x, 3-5-year: 2.48x and 5-10-year: 2.99x).
  • Outside of the previously outlined Trade Balance data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s gains.
  • Cash JGBs are flat to 1bp richer, with the belly of the curve outperforming. The benchmark 10-year yield is 0.1bps lower at 0.892% versus the cycle high of 1.108%.
  • Swaps are slightly mixed, with rate swings bounded by +/- 1.5bps. Swap spreads are generally wider.