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JGB futures faded from best levels in the......>

JGBS
JGBS: JGB futures faded from best levels in the afternoon session, dealing 19
ticks above settlement ahead of the close, which is 25 ticks back from highs,
after notable upticks in the offer to cover ratios in the latest round of 10-25
& 25+ Year BoJ Rinban ops weighed on the space. Full offer to cover breakdown
was as follows:
- 1-3 Year 1.72x (prev. 1.62x), 3-5 Year 2.84x (prev. 2.46x), 10-25 Year 5.09x
(prev. 3.16x), 25+ Year 4.29x (prev. 3.96x).
- Elsewhere, the final Jibun Bank m'fing PMI print for December was a touch
softer than the flash estimate, while BoJ Governor Kuroda & Japanese FinMin Aso
offered little new in their respective addresses (Kuroda pointed to the need to
monitor external risks i.e. recent developments in the Middle East).
- 10-Year JGB supply headlines tomorrow's local docket, with 3-Month Bill supply
also due.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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