JGB futures ticked higher as traders...........>

JGBS: JGB futures ticked higher as traders returned from holiday, with the

contract last 10 ticks higher (off of best levels) after drawing support from a

negative re-open for the Nikkei 225 and continued trade war angst. The cash

space was subjected to light bull flattening.

- The BoJ left the size of its 1-5 & 10-25+ Year Rinban operations unchanged,

offer to cover ratios as follows: 1-3 Year 2.73x (prev. 3.12x), 3-5 Year 2.64x

(prev. 2.20x), 10-25 Year 3.76x (prev. 3.65x), 25+ Year 4.59x (prev. 2.98x).

This came after the bank widened the lower end of its 10-25 Year purchasing band

in its Rinban outline for the month of May.

- Tomorrow will see the release of the minutes from the BoJ's March meeting (the

Bank has since held it's April meeting), with 10-Year JGB supply also due.