JGB futures stuck to their overnight range.....>

JGBS: JGB futures stuck to their overnight range during Tokyo hours, last -1,

with the long end outperforming all day in the cash space.

- There was little in the way of notable concession ahead of a well received

20-Year auction, with limited secondary market liquidity perhaps outweighing

some of the more obvious negatives that surrounded supply.

- As a reminder, the 20-Year auction saw the tail narrow vs. prev., while the

cover ratio recovered from last month's 7-month trough to print at the highest

level seen at a 20-Year auction since July and the low price topped dealer exp.

- Swaps are generally wider across the curve, with the swap curve twist

flattening.

- Flash PMI and monthly trade data headline the local economic docket tomorrow,

with BoJ Rinban operations covering 1-5 Year paper also due. We could also see a

decision re: the rollback of emergency measures across further prefectures at

some point over the next 24 hours or so.