The super-long end of the JGB curve has........>

JGBS: The super-long end of the JGB curve has underperformed, while benchmark

yields out to 20-Years have edged lower, allowing the curve to twist steepen.

- JGBs had no reaction to the latest tweak in the BOJ's Rinban operations. To

recap, the 5-10 Year operations were cut by Y10bn to Y400bn, in line with the

size seen in yesterday's unscheduled operation.

- Looking at the breakdown of the operations, the offer to cover ratio of the

5-10 Year op eased to 2.7 from 3.2, the 10-25 Year's offer to cover ratio eased

to 2.1 from 2.2 and the 25+ Year's offer to cover ratio ticked up to 3.1 from

1.84. This promoted additional outperformance out to 20-Years

- Futures have stuck to a much tighter range today, reclaiming the 150 handle,

edging higher in the afternoon.