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Longer dated swaps and JGBs continued their....>

JGBS: Longer dated swaps and JGBs continued their relative outperformance in the
second half of Tuesday's session on the back of a solid 30-Year auction, which
saw a higher low price vs. exp and a tight tail, although the bid to cover ratio
eased back (but it still remains elevated). This allowed the curve to extend on
the early flattening that was observed and more than correct the modest
steepening/concession experienced on Monday.
- Futures registered a fresh high on the back of the auction, and ground higher
through the remainder of the session.
- Barclays provided the highlight of the corporate issuance docket with Samurai
lines announced.
- Focus now returns to BOJ Rinban ops for the remainder of the week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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