Monday's session saw the super-long end........>

JGBS: Monday's session saw the super-long end experience some light

outperformance while the rest of the JGB curve was largely unchanged, as the

BoJ's 5-25+ Year Rinban ops passed smoothly.

- US Tsys bull flattened on Monday, US 3 & 10-Year supply was well digested.

- Focus today will fall on 5-Year JGB supply, with US CPI due out in NY hours.

- Barclays suggest that "today could see buyers take the upper hand around the

long end of the JGB curve after USTs bull-flattened overnight. We expect the 5y

auction (JS135) to clear without a hitch assuming yields near current levels (WI

close on 12 March: -0.105%). Given the solid supply and demand into the FY-end,

the auction should spur a certain level of demand. That said, absolute and

relative valuations do not appear particularly cheap, undermining their

investment appeal."