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JGBS: A small bid has been observed in the space in the early afternoon session,
likely on the back of a fresh move lower in equities after the lunch break.
- Little in the way of immediate reaction in the space following the latest
20-Year JGB auction, with the low price matching dealer exp. outlined in the BBG
- The cover ratio ticked lower, with the tail widening a touch. As a reminder,
20-Year paper looks a little rich in Z-spread & ASW terms when compared to
30-Year paper. 10-Year paper offers a marginally more attractive carry & roll
proposition at present, although 20-Year paper is much more attractive than
30-Year paper on this perspective.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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