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No Spill Over Rally

JGBS

Cash JGB trade hasn't seen anything in the way of a convincing bid in the wake of Friday's U.S. Tsy rally, while futures only managed to briefly recover their overnight losses before turning lower again, with the contract hitting the lunch break 4 ticks below Friday's settlement levels. Local headline flow remains light, with most of the focus falling on political matters flagged earlier today. We should also note that the proximity to this afternoon's liquidity enhancement auction for off-the-run 15.5- to 39- Year JGBs may be providing some incremental pressure.

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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