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JGB futures built on their overnight gains,....>

JGBS
JGBS: JGB futures built on their overnight gains, but bulls haven't been able to
cling on to best levels, last +10. Yields mixed across the curve, outperformance
around the 4-5 Year zone noted.
- Swap spreads mixed with more conventional bull flattening for swaps.
- The highlight came in the form of a solid round of 30-Year supply. The sway of
an attractive ASW entry point and the lure of fresh paper via primary issuance
(indeed at the most attractive outright levels seen since March '19) drew buyers
in at auction, despite the risk of ongoing curve steepening being well and truly
present. The cover ratio recovered to print at the highest level seen since
around the middle of '19, after hitting the lowest level seen at a 30-Year
auction since '16 last time out. The tail tightened, with the low price topping
dealer estimates.
- Elsewhere, domestic spending and wage data was soft.
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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