JGBs have begun the holiday shortened week.....>

JGBS: JGBs have begun the holiday shortened week on the front foot, marching

higher following the bid seen in US Tsys over the last couple of sessions.

Futures last trade 25 ticks better off at 150.89, just back from session highs

of 150.92.

- The cash curve has undergone some bull-flattening, with swaps widening vs.

JGBs, the swap curve has also also flattened.

- The latest round of BoJ Rinban operations covered the 5-10 Year bucket. The

size of the operation held steady, while the offer to cover ratio edged higher,

with the spread that the operations are conducted at moving into positive

territory i.e. below market prices.

- As a reminder Japanese markets will be closed on Thursday & Friday.

- Futures have cleared the 21- (150.81) & 55-DMAs (150.84) with bulls now eying

the April 12 low (150.95).