JGB futures were the best part of 30 ticks.....>

JGBS: JGB futures were the best part of 30 ticks lower come the close, staging a

recovery from the tariff headline inspired session lows, on demand for the

super-long end after a solid round of domestic 30-Year supply, with the belly of

the curve underperforming in the cash space. To recap the auction: avg. yields

prevailed within 0.4bp of that seen at the prev. auction. Low price topped

dealer exp. (as proxied by the BBG poll), cover ratio was ever so slightly

higher, with the tail tightening, although the % allotted at the high yield was

notably higher. Signs that FY-end demand may be at work, especially with yields

back from recent richest levels. Swaps were generally tighter across the curve,

with the long end outperforming, perhaps contributing further to the long end

outperformance in cash trade. Worth flagging that Japanese bonds saw the largest

round of net weekly inflows from foreign investors since September, per the

latest round of weekly international security flow data. BoJ's Masai offered

little new, playing along with the theme in Bank rhetoric re: Coronavirus.

- Cash earnings data and 1-10 Year BoJ Rinban ops headline Friday's local

docket.