JGBs are trading softer in early afternoon.....>

JGBS: JGBs are trading softer in early afternoon dealing, with super-long yields

now unchanged/slightly higher on the day, unwinding the early outperformance,

while futures trade at fresh session lows, although still in a contained range.

- The Nikkei 225 has ticked away from lows, and the latest 40-Year JGB auction

saw the low price meet exp. (based on the BBG dealer poll), with the cover ratio

easing a tad, which surprised some as many were looking for strong demand ahead

of FY end.

- Worth highlighting that BBG sources have suggested that Takeda will launch a

Y500bn hybrid issue in the new FY, on the back of the firm's purchase of Shire.

This would be the biggest ever round of single-tranche JPY corporate issuance,

with the firm looking to extend its debt maturity profile.