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20-Year JGBs led the way higher yesterday......>

JGBS
JGBS: 20-Year JGBs led the way higher yesterday after the BoJ's latest round of
Rinban operations, covering the 1-5 & 10-25+ Year buckets passed smoothly, with
the longer dated offer to cover ratios easing.
- Broader risk off flows & JPY appreciation had added support in earlier
dealing.
- Today will bring the results of the latest 5-15.5 Year liquidity enhancement
auction.
- Focus remains on Samurai issuance, with June providing the seasonal hotspot
for the space in terms of the size of issuance.
- Barclays suggest that "following a sharp overnight rally in US and European
bonds, today could see the JGB curve bull-flatten slightly."
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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