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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Early Swap Receiving Supports Long End, 20-Year Supply Well Received
JGB futures drew support from the curve flattening evident in cash JGB trade, with the contract last +5 vs. Tokyo settlement levels. In terms of the bull flattening witnessed in cash trade, it looks like receiving in super-long swaps was the driving factor, with 30- and 40-Year swaps tighter vs. their JGB equivalents for most of the day. There has been a lack of macro headline flow, and the aforementioned round of swap receiving looks to have offset any U.S. Tsy/20-Year JGB supply related pressure.
- The latest 20-Year JGB auction passed smoothly, with the carry on offer likely underpinning demand as the low price topped expectations (BBG dealer poll of 100.00), cover ratio nudged higher and tail narrowed vs. previous auction. The lower % allocated at the high yield was also noted, given the narrower tail.
- The second round of 84-day BoJ US$ ops covering year end saw 0 demand (as was the case in last week's ops), pointing to sanguine year-end $-funding conditions, at least on the part of Japanese banks.
- 1-10 Year BoJ Rinban ops headline locally on Wednesday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.