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JGB futures have moved higher, with the........>

JGBS
JGBS: JGB futures have moved higher, with the super-long end of the curve
outperforming in cash trade during the afternoon session.
- The BOJ left the size of its Rinban operations covering the 5-25+ Year buckets
unchanged today. Looking at the breakdown of the operations, the 5-10 Year
bucket's offer to cover ratio ticked up to 2.95 from 2.39, while the offer to
cover ratio of both the 10-25 and 25+ Year buckets moderated to 2.35 and 1.84
from 2.94 and 4.19 respectively, which facilitated the aforementioned rally in
the super-long end. As a reminder the previous 10-25 and 25+ Year operations saw
the Bank trim the size of each of the ops by Y10bn, and the BOJ offered to buy
an unlimited amount of 10-Year JGBs at 0.11% earlier this week, which received
no take up.
- From a technical perspective bulls look for a close above the 200-DMA (150.74)
in futures.
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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