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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.

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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