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Futures Remain Sharply Higher At Lunch, Rinban Operation Bucket Sizes Reduced By 25-50Bn

JGBS

At the Tokyo lunch break, JGB futures remain sharply stronger but are off session highs, +64 compared to settlement levels.

  • The local calendar has been light today with only Monetary Base data released.
  • This morning’s BoJ Rinban operations saw mixed results, with negative spreads but slightly higher offer cover ratios (<1-year: 2.05x, 1-3-year: 2.78xx, 3-5-year: 2.51x and 5-10-year: 2.43x). The bucket sizes were Y25-50bn lower than previous operations for the buckets beyond the 1 year in line with the QT taper announcement at Wednesday’s BoJ Policy Decision.
  • Cash US tsys are ~2bps richer in today’s Asia-Pac session, after yesterday’s strong gains following weaker-than-expected ISM Mfg and initial jobless claims data. Later today will see the release of July’s Non-Farm Payrolls data.
  • The cash JGB curve has maintained its bull-flattening, with yields 2-7bps lower. The benchmark 10-year yield is 6.9bps lower at 0.972% versus the cycle high of 1.108%.
  • The swap rates have shifted 2-3bps lower. Swap spreads are wider.
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