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JGB futures received a modest bid in early.....>

JGBS
JGBS: JGB futures received a modest bid in early afternoon trade, on the back of
a strong 10-Year JGB auction which saw the cover ratio move higher (printing at
the highest level since 2005), while the tail narrowed and low price topped
dealer estimates. The strong auction came despite the low outright yield, flat
curve structure and richness of the line, especially on ASW terms.
- The strong auction allowed twist flattening to creep into the curve after a
limited morning session saw futures operate around the overnight lows.
- BoJ Rinban operations covering 1-10 Year JGBs provide the highlight tomorrow.
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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