Super-long JGB paper has underperformed,.......>

JGBS: Super-long JGB paper has underperformed, potentially representing a degree

of concession ahead of tomorrow's 30-Year JGB supply, while 1-10 Year paper was

supported by the latest round of the BOJ's Rinban ops, as the BOJ held the

purchase amounts steady following last week's adjustments.

- A strong Japanese GDP release may have added additional weight to the longer

end of the curve.

- Elsewhere weekend reports pointed to BOJ Gov. Kuroda highlighting the Bank's

stable MonPol outlook, while Japanese PM Abe & Chief Cabinet Sec. Suga

reiterated their pledge to employ Abenomics, although Abe conceded that the

upcoming leadership vote will be the final one that he contests.

- Looking at the breakdown of the BOJ's latest round of Rinban ops the offer to

cover ratios were as follows: 

- 1-3 Year 3.26 (prev. 2.91), 3-5 Year 3.78 (prev. 2.85), 5-10 Year 3.17 (prev.

3.13).

- Longer dated swap rates have eased again today.

- Rinban operations, alongside 5- & 30-Year supply headline this week.