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JGB futures trickled lower in the morning......>

JGBS: JGB futures trickled lower in the morning session, with little in the way
of catalysts apparent, outside of a recovery in the Nikkei 225 from the early
- Longer dated swaps have edged lower from the off, with some suggesting this
points to unwinding of foreign payer positions ahead of today's 20-Year JGB
supply and month-end extensions.
- The carry and roll aspect of the line and August's large month end extensions
auger well for the upcoming auction, despite the recent volatility in yields.
- As a result the longer end of the curve has witnessed some modest
outperformance in early dealing, with no concession evident ahead of the supply.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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