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Trend Remains Up


Issuance Slowdown

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JGBS: JGB traders return from the elongated weekend today. As a reminder Friday
provided a quiet session for the space as yields hovered around neutral levels
in cash dealing, with some slight underperformance in 3-5 Year paper in the
afternoon as the offer to cover ratio in the latest Rinban operation covering
the zone ticked slightly higher.
- The BOJ left the size of its Rinban operations covering the 1-5 Year buckets
unch. The offer to cover ratios of the operations can be found below:
- 1-3 Year: 3.10 (prev. 3.26) - 3-5 Year 3.92 (prev. 3.78)
- Futures stuck to a 4 tick range in the Tokyo session.
- Comments from Japanese PM Abe had little to no impact on the space. The
Japanese PM noted that "he doesn't think that easing should go on forever,"
although Abe did stress that "it is up to the BOJ to decide when to end easy
- Focus now turns to the BOJ MonPol decision & ruling LDP party leadership
election due later this week, with focus also on the Rinban operations.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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