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Futures Soften, 10-Year Auction Not Particularly Strong

JGBS

JGB futures were also softer, closing -10, with a bland 10-Year JGB auction doing little to add support, with cash JGBs up to ~1.0bp cheaper across the curve late in Tokyo.

  • In terms of auction specifics, the aforementioned bland 10-Year JGB auction saw little meaningful movement in any of the major metrics, while the low price missed broader dealer expectations by the smallest of margins.
  • Local focus continues to fall on the impending declaration of a state of emergency surrounding the COVID-19 situation, with expectations for an announcement to be made at some point on Thursday. N.B. Tokyo revealed another record new COVID case count on Wednesday.
  • On the corporate issuance front, BBG reports pointed to Softbank issuing Y100bn worth of hybrid notes at some point in January, which would be used to paydown existing hybrid securities.
  • Local household wage data is due to be released on Thursday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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