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Free AccessJGB futures were insulated from the broader....>
JGBS: JGB futures were insulated from the broader noise, finishing +17, above
Friday's highs and just shy of best levels. Some long-end vol. crept in during
early afternoon trading as Rinban ops covering 10-25+ Year JGBs saw the cover
ratios jump after the BoJ reduced the number of ops covering the buckets in Feb
(to 2 from 3), although there may have also been some profit taking via the ops.
- Long end buyers stepped in on the pullback, seeing opportunity in 30s and 40s,
curve bull flattened on the day with fresh lows in yield terms for both of those
tenors late in session.
- Just worth highlighting that if the BoJ buys the same amount of 10-25 Year
JGBs at the single remaining Rinban operation covering this bucket in Feb then
it will buy Y240bn worth of JGBs in the bucket in total this month vs. Y300bn
last month. In the 25+ Year bucket, a steady purchase size at the final Rinban
Feb op covering the bucket would see the total monthly purchase amount covering
the bucket fall by Y30bn. Breakdown of operation results below:
- 10-25 Year: Offer/Cover 5.88x (prev. 3.24x) Average Spd -0.009 (prev.-0.011)
- 25+ Year: Offer/Cover 5.71x (prev. 4.26x) Average Spd -0.013 (prev.-0.009)
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.