JGB futures have stuck to a confined range,....>

JGBS: JGB futures have stuck to a confined range, with the super-long end of the

cash curve experiencing some modest outperformance.

- The BOJ left the size of its Rinban operations covering the 1-10 Year buckets

unchanged, the offer to cover ratios of the operations can be found below:

- 1-3 Year 3.95 (prev. 2.71), 3-5 Year 3.09 (prev. 2.41), 5-10 Year 3.17 (prev.

1.96).

- The uptick in the offer to cover ratios may have come about on the back of

added caution following the adjustment to the purchasing band of super-long

paper in the Bank's October purchasing plan, what with this being the first

operation of the month, and provided some limited pressure to futures in

afternoon trade, alongside a more risk on feel on Italian budget developments.

- Focus now turns to tomorrow's liquidity enhancement auction for off the run

15.5-39 Year paper.