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FLOWS: Barclays note that data by investor.....>

JGBS
JGBS: FLOWS: Barclays note that data by investor in the super-long sector
revealed that city banks remained sellers in May, albeit marginally. Insurers
logged a solid net purchase, exceeding the same month last year, suggesting a
passive return into JGBs amid deteriorating returns on FX-hedged US Tsys
continued to cap yields in the super-long end. Foreigners continued to buy above
their FY17 avg.
- In the long-term sector, foreigners slowed their buying with a net purchase of
only, down from an elevated level in April, suggesting earlier short-covering
ran its course. Among domestic investors, city banks turned buyers with a small
net purchase, while trust banks, regional banks and second-tier regional banks
turned sellers.
- In the short/medium-term sector, foreigners continued to buy around a similar
pace to previous years; city banks also kept with last year's pace. Meanwhile,
trust banks remained sellers, while agriculture and forestry financial
institutions logged their largest net sale since August 2009.
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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