JGBs traded softer in the afternoon, with......>

JGBS: JGBs traded softer in the afternoon, with super-long yields now

unchanged/slightly higher on the day, with the belly of the curve still

underperforming.

- The Nikkei 225 has pared all of its losses, as Chinese equities recover.

- 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.

- The BoJ will conduct 5-10 Year Rinban operations tomorrow, and will also

announce its plans for February Rinban ops.