JGB futures finished the morning session off...>

JGBS: JGB futures finished the morning session off their overnight session lows

but remain pressured by the broader risk-on theme in Asia-Pacific hours. The

contract went into the lunchbreak 10 ticks below settlement.

- A modest, short-lived uptick was noted in the wake of the latest round of BoJ

Rinban operations, which saw the Bank leave the size of its 5-25+ Year JGB

purchases unchanged. Offer to cover ratios were as follows:

- 5-10 Year 1.74x (prev. 3.21x), 10-25 Year 2.73x (prev. 3.52x), 25+ Year 3.93x

(prev. 4.45x).

- Small relief bid was observed after the 10-Year JGB yield threatened to break

below -0.1% yesterday (the old lower limit of the BoJ's permitted trading band),

with some chatter re: the possibility for the BoJ to adjust its Rinban purchases

when it releases its April buying plan after hours today. 10-Year yields last

-0.089%