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Back From Best Levels, Curve Twist Steepens

JGBS

The bid in paper out to 10 years faded a little as we moved through the morning, with Russia Ukraine-related fear off of extremes (albeit only marginally so in market terms), while the impulse from the BoJ’s fixed rate purchase operations of 10-Year JGBs also moderated a touch (we await results from that operation, although wouldn’t be surprised if there were 0 offers given recent yield dynamics). Paper out to 10s is little changed to 2bp richer, with 10s leading the bid. Longer paper has cheapened with 40s providing the weakest point, ~2bp cheaper on the day. JGB futures are back from best levels, in line with wider price action, hitting the lunch bell +10.

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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