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Firmer After Auction

JGBS

JGBs have generally richened on the back of today’s 30-Year auction, after the low price of the auction topped wider expectations, likely aided by lifer-related demand (see our auction reaction bullet for more colour). That leaves JGB futures +11 on the day, while cash JGBs are 0.5-1.5bp richer across the curve, with 30s leading the post-auction bid. Some light receiver flows have seemingly shown up post-supply, narrowing the likes of the 7-, 10- & 30-Year swap spreads on the day

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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