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Futures Lower, Curve Steeper On Catch Up

JGBS

JGB futures hit the lunch break just above session lows after moving lower at the Tokyo re-open, as participants adjusted for the weakness observed in core global FI markets since Friday’s Tokyo close, with the contract printing -31 at the lunch bell

  • Cash JGBs sit flat to 6bp higher, with the super-long end still leading the cheapening, resulting in bear steepening. 10s are little changed, hovering around the upper limit of the BoJ’s permitted -/+ 0.25% YCC band.
  • The details of the BoJ Rinban operations revealed the following offer/cover ratios:
  • 1- to 3-Year: 3.25x (prev. 3.59x)
  • 3- to 5-Year: 1.79x (prev. 2.50x)
  • 5- to 10-Year: 2.06x (prev. 1.13x)
  • 10- to 25-Year: 2.12x (prev. 3.25x)
  • This shouldn’t provide much feed through in early afternoon trade but may result in a very modest bid.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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