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10s Outperform Ahead Of BoJ Ops, Longer Paper Cheapens

JGBS

The curve has twist steepened, with 10s outperforming on the curve, rallying by 3bp. Shorter dated paper is little changed to 2bp richer on the day, with 7s benefitting from the bid in futures, which trade 18 ticks higher on the day, just shy of best levels. The 7- to 10-Year zone of the curve is of course benefitting from the impending fixed rate BoJ buying operation, which will cover 10-Year paper. Paper beyond 10s has cheapened, with yields in the super-long zone running 0.5-2.0bp higher on the day, with the broader core FI space back from best levels on the lack of outright weekend escalation re: Russia & Ukraine.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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