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

JGBS
JGBS: JGB futures stuck to a tight range on Friday. The space had little
reaction to a slightly disappointing set of Japanese CPI data, while the BOJ
left the size of its Rinban operations covering the 1-10 Year sectors unchanged.
- The curve finished the session a little flatter, although activity was
limited.
- Looking at the breakdown of the Rinban ops, the offer to cover ratio moved
lower across all 3 buckets, most notably in the 3-5 year operations:
- 1-3 Year: 3.71 (prev. 3.88)
- 3-5 Year: 2.84 (prev. 3.70)
- 5-10 Year: 2.91 (prev. 3.35)
- Looking to next week there is a lack of longer dated supply, with the 2-Year
JGB auction dominating the issuance docket.
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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