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JGB futures finished the morning session.......>

JGBS
JGBS: JGB futures finished the morning session +16, 7 ticks shy of intraday
highs, with the super-long end's underperformance fading a touch, while swaps
have generally tightened across the curve.
- The latest round of 5-10 Year BoJ Rinban ops revealed a moderation in the
offer/cover ratio (2.22 vs. prev. 3.85), although average spreads weren't as
tight (-0.017 vs. prev. -0.036). Would expect market to take more note of the
lower cover ratio in the current environment.
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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