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EGBS

Firming In Early Trade

USD

Better offered in G10s

Swap Flows Support Flattening

JGBS

JGB futures added 8 ticks in morning trade, hitting the bell just shy of best levels, while cash trade saw outperformance creep into the super-long end of the curve, likely driven by swaps, with evidence of much larger than average activity in the space, as spreads to 20-, 30- and 40-Year JGBs tightened.

  • The breakdown of the BoJ Rinban ops saw the offer/cover ratio of the 5-10 Year bucket hold steady, while spreads tightened vs. previous ops. Over in the 25+ Year sector, the offer/cover ratio jumped, topping 4.00%, while spreads tightened vs. previous ops.
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