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 Cab

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).

- Prologis multi-tranche issuance was announced, headlining the corporate slate

today.

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