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Heavy Ahead Of Supply

JGBS

The morning session has seen the longer end of the swap curve widening vs. JGBs, which may have reflected some setup ahead of 30-Year JGB supply/reaction to NY U.S. Tsy dynamics, with paying in swaps dragging super-long JGBs cheaper ahead of this afternoon's auction. Elsewhere, 7s were a little soft in the belly, linked to weakness in futures, which finished the morning session -18, just off worst levels, after trading through overnight lows.

  • The latest round of commentary from FinMin Aso offered little new.
  • Elsewhere, BFCM issued guidance on its 5-/7-/10-Year multi-tranche Samurai issuance.
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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