JGB futures moved lower from the off,..........>

JGBS: JGB futures moved lower from the off, perhaps in reaction to some of the

moves in Tsys seen in late NY trade, although liquidity remains thin ahead of

the Golden Week holidays, with focus on fiscal measures and their supporting

acts, as well as the almost certain extension of the state of emergency, beyond

the current May 6 expiration.

- Contract finished the morning session 17 ticks below settlement levels, after

finishing the overnight session unchanged.

- Front end to belly underperforms on the curve (ahead of some supply), swap

spreads sit mixed, but generally unchanged to a touch tighter.

- 3-Month Bill supply and a liquidity enhancement auction for off the run 1-5

Year paper due shortly.