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JGBS
JGBS: JGB's head into the close higher, though off session highs and having
posted smaller upside moves than global counterparts. JGB's are supported by
ongoing tensions with North Korea. 
- Following the 10-Year auction yesterday the on the run 10-Year issue is now
the new issue #348. A fairly weak auction yesterday saw the sector sell off,
pushing the yield on issue #348 into positive territory, this move has been
mostly reversed today as risk off trade sees flows into JGB's. 10-Year yield
last down 0.5bp on the day at 0.01%.
- The BoJ purchased linkers and in the 5-10 Year zone, keeping purchase sizes
unchanged. Bid/Cover was broadly unchanged in the 5-10 Year zone, but spreads
dropped into negative territory, indicating participants are keen to offload the
securities. The purchase had little effect on futures, which saw a 7 tick range
through the whole session, last up 5 ticks at 151.27.
- The MOF sold 6-Month bills, the sale drew an average yield of -0.1983%, some
8bp lower than the last auction thanks to the recent rally in JGB's, which saw
cover drop to 3.40 from 4.66 last time out. 

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