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A limited morning session observed in the......>

JGBS
JGBS: A limited morning session observed in the space, with the front futures
contract sticking within yesterday's range, going into the lunch break 2 ticks
lower than settlement.
- Yields marginally higher out to 20-Years, with 30- & 40-Year paper
outperforming, promoting some twist flattening.
- Market awaits 20-Year supply. 20-Year paper looks rich in its own right vs.
swaps. Current 20s looks relatively attractive vs. 10s & 30s in Z-spread & ASW
terms, although 10s offer a slightly more attractive carry and roll proposition.
Also worth noting that the 10-/20-Year curve sits at multi-month flats.
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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