Little reaction in lieu of the latest..........>

JGBS: Little reaction in lieu of the latest 10-Year JGB auction, which was

buffeted by 10-Year yields moving back into positive territory, allowing the

average yield of the auction to register at 0.015%. The tail on the auction

narrowed vs. the previous 10-Year supply, with the cover ratio ticking higher.

Also worth highlighting that the low price of the auction topped the exp. in the

BBG poll, albeit at the margin.

- The 10-Year sector underperforms on the day, with benchmark last yielding

0.008%, while futures operate at the lower end of today's range.

- Swaps are tighter across the curve.