Long End Well Bid On Month-End Extensions

Month-end flows in the driving seat, with the long end outperforming in cash trade on the back of the huge month-end extensions stemming from the large syndication of the new ACGB Jun '51 (as we highlighted earlier this week). Futures a little more contained, with YM unchanged and XM +2.0.

• Bills sit unchanged to -1 through the reds.
• No movement for the space on the back of local data, nor on the Chinese official PMI readings.
• The AOFM provided a typical issuance slate for next week.