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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.
- Prologis multi-tranche issuance was announced, headlining the corporate slate
- Rinban operations, alongside 5- & 30-Year supply headline this week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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