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JGB futures held to a tight range during the Tokyo morning, with the contract hitting the bell +5 vs. settlement after an early, shallow look above the overnight range.
- Cash trade has seen some underperformance for the longer end and 5-Year zone, although longer dated swaps are tighter on the day, with none of the signs of foreign swap payers evident today, as the recent LCH/JSCC 30-Year swap spread widening flattens out.
- The latest round of BoJ Rinban ops saw purchase sizes left as they were, while the offer/cover breakdown was as follows:
- 1-3 Year: 3.72x (prev. 3.01x)
- 3-5 Year: 2.67x (prev. 3.08x)
- 5-10 Year: 2.62x (prev. 2.43x)
- 25+ Year: 4.85x (prev. 6.12x)
- Elsewhere, we learnt that the Japanese cabinet has decided to spend a little over Y1.1tn of its emergency reserves to fund measures to deal with COVID-19.