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Marginally Cheaper, 5-Year Supply Due

JGBS

JGBs cheapened modestly this morning, aided by the impulse from U.S. Tsys, allowing futures to move through their overnight low, hitting the bell just off worst levels, -9 on the day. Cash JGBs were little changed to a touch over 0.5bp cheaper, with 7s providing the largest move on the curve once again (pointing to a futures-driven move there). Paying in the super long end (30+-Year tenors) of the swap curve aided the cheapening impulse, with super-long swap spreads widening a little. 5-Year JGB supply is due this afternoon.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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