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JGB futures stuck to a confined range on.......>

JGBS
JGBS: JGB futures stuck to a confined range on Wednesday, 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.
- JGB futures followed global fixed income lower during the overnight session.
- Focus now turns to today's liquidity enhancement auction for off the run
15.5-39 Year paper.
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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