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Curve Twist Flattens, Strong Bid In Long End Post-Supply


The narrowing of the spreads at the latest liquidity enhancement auction covering off-the-run 15.5- to 39-Year JGBs has supported the long end of the JGB curve (despite the lukewarm auction metrics). Meanwhile, the previously flagged, unscheduled BoJ Rinban operations have allowed JGB futures to nudge away from worst levels, although that move has been somewhat limited, and faded quickly. The broader cash JGB curve has seen some twist flattening as a result, with 5s still leading the weakness, running ~7bp cheaper, while 20+-Year paper is now richer, with 20s leading the bid there, ~4bp richer on the day.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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