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JGB's head into the close sharply lower,.......>
JGBS: JGB's head into the close sharply lower, futures down 32 ticks at 150.87
in the JBZ7 contract, volume has now rolled into Z7, with today the last trading
day for U7.
- JGB's were on the back foot after broad risk on sentiment took hold of markets
yesterday, pushing stocks higher globally and seeing bonds sell off, which bled
through to the Asia-Pac session. The Nikkei 225 is up 240 points while USD/JPY
is last at 109.40 after hitting 107.50 last week.
- The sell off in JGB's was accelerated by a weak 5-Year auction; the sale saw
the weakest bid/cover since May at 4.069, and had a lower than estimated low
price at 100.13. This sparked an acceleration of the sell off in cash bonds, the
futures sensitive 10-year sector sees yield rise to 0.033% - up 3.3bp on the
session after hitting -0.10% on Sept 4, currently on track for the biggest one
day rise in 2017.
- Moves are mixed across the curve, yields higher between 1.5bp and 3bp, the
10-Year sector leading the way. JGB's underperform swaps again, especially in
the short term sector, 2-Year ASW cheapening 0.6bp to L-16.7bp.
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