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JGB futures trickled lower in Tuesday's........>

JGBS: JGB futures trickled lower in Tuesday's morning session, with little in
the way of catalysts apparent, outside of a recovery in the Nikkei 225 from the
early lows.
- Longer dated swaps moved lower from the off, with some suggesting this pointed
to unwinding of foreign payer positions ahead of today's 20-Year JGB supply and
month-end extensions.
- JGB futures had a limited reaction to the latest 20-Year auction, although the
long end built on its outperformance, as longer dated swap rates continued to
- Looking at the results of the supply, the low price came in higher than the
exp. 98.00, as the bid to cover ratio edged higher, although the tail edged out
to 0.3bp from 0.2bp at the previous auction.
- Focus today turns to Rinban operations covering the 5-25+ Year buckets.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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