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Out At Best Levels After Early Weakness

JGBS

JGB futures firmed in afternoon trading, aided by a moderation in offer to cover ratios in the BoJ's latest round of 3-25 Year Rinban ops, while FinMin Aso noted that the government will maintain its existing budget outlines for now.

  • Offer to cover ratios for the Rinban ops were as follows:
  • 3-5 Year: 1.70x (prev. 1.87x)
  • 5-10 Year: 1.39x (prev. 2.43x)
  • 10-25 Year: 4.78x (prev. 5.71x)
  • This came after early morning trade saw some light pressure on the back of the broader impetus seen in core global FI in recent sessions, with Tokyo returning from an elongated weekend. Futures finished +8 (at best levels). The Rinban allowed the belly of the cash curve to outperform at the margin, with some modest weakness in the wings vs. Friday's closing levels.
  • Expectations are building for a widening of the area covered by the Japanese COVID-19 state of emergency (currently focused on Tokyo & surrounding areas), which is set to be announced in the coming days.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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