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JGBs traded defensively & came under fresh.....>

JGBS: JGBs traded defensively & came under fresh pressure in the wake of a weak
round of 5-Year supply & the aforementioned tweet from the Editor in Chief of
the Global Times.
- The tail at the auction widened vs. the prior, with the low price coming in
below dealer exp. The cover ratio was the lowest seen at a 5-Year auction since
May of 2017.
- The belly continues to underperform following some pre-auction concession in
the morning, with futures -31 ticks at writing.
- There was little else to report for the space.
- 5-25+ Year Rinban operations headline tomorrow's local docket.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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