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Light Twist Flattening Holds, Rinban Details May Extend That Move

JGBS

Twist flattening of the cash JGB curve was the predominant theme during the Tokyo morning, with the major benchmarks running 1bp cheaper to 1bp richer, pivoting around 7s, as JGB futures held onto their overnight gains.

  • Rhetoric from BoJ board member Nakamura failed to move the needle, as he stuck with the central BoJ line re: the need for continued easing, as the Bank looks to foster the conditions for sustainable wage growth and promote demand-pull inflation dynamics.
  • The recently released details of today’s BoJ Rinban operations gave the following offer/cover ratios:
  • 1- to 3-Year: 2.52x (prev. 2.35x)
  • 5- to 10-Year: 3.81x (prev. 2.29x)
  • 10- to 25-Year: 1.41x (prev. 2.20x)
  • The above results may apply a modest amount of twist flattening pressure in early Tokyo afternoon dealing, especially with price action already biased that way.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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