JGB futures stuck to an extremely tight........>

JGBS: JGB futures stuck to an extremely tight range in the morning session,

before a modest & brief dip lower in the wake of the latest 20-Year JGB auction,

last dealing 4 ticks higher at 150.75, with the JPY ever so slightly stronger,

and the Nikkei 225 virtually unchanged, albeit marginally weaker on the day.

- 20-Year paper wasn't subject to any concession heading into today's supply,

with the outright yield sitting at a more attractive level than was the case at

the most recent 20-Year auction (which was soft). The bid to cover ratio ticked

up this time out, although it remained below the short run average, which saw

longer dated JGBs soften as the shorter end operated in a mixed manner,

resulting in a slightly steeper curve.

- Swaps are tighter in the main.