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Consolidation Mode But Remains Bearish

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Fails To Hold Onto Thursday’s High

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Oil Up For Fifth Week On Supply Disruption, Geopolitics

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The Japanese MOF will today sell Y2.6tn of 10-Year JGB's re-opening JB#364. The MOF last sold 10-Year debt on November 1, the auction drew cover of 3.137x at an average yield of 0.107%, average price of 99.93, high yield of 0.112%, low price of 99.88, with 60.6167% of bids allotted at the high yield.

  • Outright 10-Year JGB yields operate around the middle of the range witnessed since March, which is a little less appetising than the outright level of yield that prevailed at the previous 10-Year JGB auction.
  • 10s operate towards the richer end of the multi-month range within the 5-/10-/20-Year butterfly structure, with a lack of steepness on the likes of the 2-/10- & 5-/10-Year yield curves evident.
  • Still, 10s offer the most attractive carry and roll proposition on the curve, with some desks pointing to this factor when it comes to adopting a long 10s vs. short JGB futures position.
  • Results due at 0335GMT/1235JST.