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Remains Vulnerable

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Northbound

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Late SOFR/Eurodollar/Treasury Option Roundup

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Sedate Morning, Light Richening Bias

JGBS

Little to really add to our previous JGB comments, with local data and headline flow virtually non-existent thus far. Futures hit the lunch bell +6 after sticking to a very narrow range, adjusting to broader moves in core global FI markets since yesterday’s close. The major cash JGBs are flat to 1.5bp richer, with the 7- to 20-Year zone lagging the wider bid.

  • Offer/cover ratios remained in check across the latest round of BoJ Rinban operations (covering 1- to 25-Year JGBs), sitting at 1.5-2.6x, which shouldn’t provide any pressure for the space, and may even generate a modest bid in early afternoon dealing (although that is hard to assess against cross-market readthrough).
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Little to really add to our previous JGB comments, with local data and headline flow virtually non-existent thus far. Futures hit the lunch bell +6 after sticking to a very narrow range, adjusting to broader moves in core global FI markets since yesterday’s close. The major cash JGBs are flat to 1.5bp richer, with the 7- to 20-Year zone lagging the wider bid.

  • Offer/cover ratios remained in check across the latest round of BoJ Rinban operations (covering 1- to 25-Year JGBs), sitting at 1.5-2.6x, which shouldn’t provide any pressure for the space, and may even generate a modest bid in early afternoon dealing (although that is hard to assess against cross-market readthrough).