JGB futures followed their global peers........>

JGBS: JGB futures followed their global peers higher in the morning session,

although they operated in a tight range, going into the lunch break 5 ticks

higher at 150.83. The cash space operated in a mixed fashion, with little in the

way of clear direction, as swaps tightened in the main.

- The latest round of BoJ Rinban operations saw the BoJ leave the size of the

operations covering the 1-5 & 10-25+ Year buckets unchanged. Looking at the

breakdown of the operations the most notable takeaway was probably the fact that

the longer dated operations offer to cover ratio eased notably, will the shorter

dated operations saw the offer to cover ratio edge higher. All-in-all it would

appear that the operations passed somewhat smoothly.