21.   That means the contract will debut without an underlying cash bond from which to price it.

22.   That way they offset some of their losses if cash bonds fall.

23.   That way they avoid delivering cash bonds when the contract expires.

24.   That means traders and dealers who have been selling the September futures will need to repurchase futures contracts to avoid delivering cash bonds.

25.   This means that traders and dealers who have been selling the September futures will need to repurchase futures contracts to avoid delivering cash bonds.

26.   To be sure, many investors say they will probably refrain from channeling new funds into cash bonds ahead of the tankan.

27.   Traders and investors who have used this technique to hedge their investments are now buying back the December contracts they sold to prevent delivering cash bonds against them.

28.   Traders and investors who have used this technique to hedge their investments are now buying new December contracts to avoid delivering cash bonds against them.