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Free AccessJGB's experienced a lacklustre morning.........>
JGBS: JGB's experienced a lacklustre morning session with futures sticking to a
tight range, as the cash curve operated in marginally mixed territory. The BOJ's
Rinban ops took centre stage. The ops covered the 1-5 & 10-25+ Year buckets &
represented the first ops conducted this month. As a reminder the BOJ trimmed
the number of purchases of the 1-10 Year buckets in its September Rinban ops to
5 (prev. 6), although in all the buckets where the Bank trimmed the number of
monthly purchases, it also upped the potential size of the purchases (by rising
the upper limit of the permitted purchase size band by Y100bn). Some suggested
that the move was a result of calendar effects i.e. a limited amount of eligible
purchase days during the month of Sep, which rang true as the Bank upped the
size of its ops covering the 1-3 & 3-5 Year buckets by 50bn a piece, when
compared to the most recent ops covering the same maturities. The offer to cover
ratios of the ops can be seen below:
- 1-3 Year: 2.91 (prev. 3.29), 3-5 Year: 2.85 (prev. 3.41), 10-25 Year: 3.31
(prev. 3.47), 25+ Year: 4.08 (prev. 3.69).
- There was no notable reaction in JGBs to the latest Rinban tweaks.
To read the full story
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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.