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JGBS: JGB futures traded 5 or so ticks higher on Thursday. Futures edged lower
in early dealing, before garnering some support, likely on the back of the
modest dip in local stock metrics, finishing the morning session 3 ticks higher
vs. settlement.
- Yields traded mixed across the curve, with the long end experiencing some
outperformance in the afternoon session, promoting some curve flattening.
- There was little reaction to the latest 5-Year JGB auction, which saw the
cover ratio slide, even as the tail vanished, with the lack of natural investors
in the tenor outweighing the relatively attractive pricing vs. 7-Year paper.
- StanChart priced samurai issuance, with Credit Ag due to price today. This
comes after Commerzbank mandated banks for JPY issuance and Bank of China
announced a new 3- & 5-Year JPY bond deal.
- JGB futures turned bid in overnight trade, with Brexit worries lending
- BoJ 5-25+ Year Rinban ops headline the docket today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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