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JGB futures now trade higher than..............>

JGBS: JGB futures now trade higher than settlement, recovering from worst levels
to last deal +3 on the day.
- The cash curve was subjected to some twist steepening pressure as the
super-long end underperformed in afternoon trade after the offer to cover ratio
in the latest round of 25+ Year BoJ Rinban operations moved higher, although the
average spread narrowed. Meanwhile the 5-20 Year zone was supported by the
moderation in the offer to cover ratios in the 5-20 Year Rinban operations, as
well as a narrowing of the average spreads in those buckets. The size of all of
the purchases was left unchanged vs. the prev. ops.
- Second tier data had little impact on the space.
- An enhanced liquidity auction for 5-15.5 Year JGBs, final industrial
production and capacity utilisation provide the points of interest on the local
docket on Friday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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