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JGB futures have softened a touch, with the....>

JGBS
JGBS: JGB futures have softened a touch, with the belly & longer end of the cash
curve experiencing some modest underperformance in early dealing as yields tick
slightly higher, as do local stocks.
- 5-Year supply dominates the local docket today, with short covering
requirements & yesterday's 2-Year redemptions offering support. 5-Year paper
looks cheap vs. the nearby 3-Year sector in outright yield spread terms,
although the z-spread method is a little less compelling, but still provides a
slightly favourable valuation vs. 7s, the same holds true for ASW terms.
- The auction represents the opening of #JB137, which will hold a 0.1% coupon.
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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