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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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JGBS: It has been a sedate start to the session for JGBS with yields virtually
unchanged across the curve ahead of today's 5-Year JGB supply.
- While the outright yield level of 5-Year paper seemingly bodes well for the
auction, considering the last auction passed smoothly at lower yields, the zone
does not look attractive on a relative basis & there is a lack of short
positioning in the sector. Although the nominal value of each 3-5 Year Rinban
operation to be conducted thus far this month has been higher than the levels
seen in Aug., the lower number of purchases means that the BOJ will purchase
less paper in the bucket than it did in August, this is expected to revert in
October, owing to calendar effects.
- Prologis has priced its Samurai issuance (total size Y55.1bn):
- Y5bn 7-Year at 0.652%/+45bp (re-offer spread) - Y40bn 10-Year at 0.972%/+65bp
- Y5.1bn 12-Year at 1.077%/+67bp - Y5bn 20-Year at 1.470%/+77bp
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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