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Tight After Overnight Dip

JGBS

JGB futures have held shy of Tuesday's settlement levels, trading either side of the overnight close thus far, -8 as we work towards the end of the Tokyo session, with the space a little more insulated than broader core FI markets.

  • The cash space has seen some light richening, with marginal outperformance for 20s.
  • The BoJ left the size of its 1-10 Year Rinban purchases unchanged, with little in the way of meaningful movement in offer to cover ratios:
  • 1-3 Year: 2.62x (prev. 1.80x)
  • 3-5 Year: 2.47x (prev. 2.42x)
  • 5-10 Year: 2.34x (prev. 2.42x)
  • Elsewhere, there was little news of note, outside of press reports pointing to an extension of the limit on gathering sizes in Japan.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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