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JGBS: JGB futures finished Tuesday's morning session just off the intraday low,
after the contract edged away from opening levels as the Nikkei 225 unwound its
early losses, finishing the morning session +0.9%, while the JPY crosses moved
higher. The afternoon session was a little more limited as the contract hovered
around the lower end of the AM range as local stocks lacked additional upside
impetus. The BoJ left the size of its 1-5 & 10-25 Year Rinban ops unchanged.
Offer to cover ratios as follows: 1-3 Year 2.29 (prev. 3.46), 3-5 Year 3.01
(prev. 2.47), 10-25 Year 2.43 (prev. 3.56), 25+ Year 2.77 (prev. 3.53). The
broadly lower offer to cover ratios likely lent some support in the afternoon,
while the uptick in the 3-5 Year bucket's offer to cover may be a result of some
position squaring ahead of today's 5-Year supply.
- Futures stuck to a tight range overnight.
- Yields finished mixed across the curve.
- The aforementioned 5-Year supply headlines today, with an enhanced liquidity
auction for JGBs with 5-15.5 Years until maturity due on Friday. Participants
also await an address from BoJ's Kuroda & Amamiya Thursday.