November 11, 2022 03:15 GMT
Bulk Of Early Flattening Holds
JGBS
JGBs held the bulk of their early richening, although retraced from best levels as the Tokyo morning wore on, with cross-asset flows at the fore, as we have touched on elsewhere. That left the major cash benchmarks running 1-7bp richer, as the long end led the bid, with futures +32 at the lunch break. Local headline flow hasn’t impacted the space, with the impending liquidity enhancement auction for off-the-run 5- to 15.5-Year JGBs providing the highlight of the domestic docket ahead of the weekend.
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