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Mixed Rinban Results

JGBS

Little to add to the earlier points made re: the space, with futures hitting
the lunch break +8 vs. settlement, rounding off a tepid Tokyo morning.

  • The wings of the curve outperformed in cash trade.
  • BoJ Rinban ops saw the offer/cover ratio of the ops covering the 1-3
    Year paper moderate (to 3.00x from 4.31x), with the same metric
    covering the 3-5 Year bucket witnessing an uptick (to 3.38x from
    2.91x). Spreads witnessed at the ops narrowed across both buckets.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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