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The early bear steepening observed in the......>

JGBS
JGBS: The early bear steepening observed in the JGB space has extended in
afternoon trade. The extension comes on the back of a less than inspiring
40-Year JGB auction which saw the high yield top exp. (based on the BBG dealer
poll), with the cover ratio easing back from the levels seen in January 2019 and
November 2018, albeit in line with 2018's 40-Year auction average.
- The flatness of the curve owing to the dovish pivot from a swathe of global
central banks, lack of relative value and window dressing into the end of the
Japanese FY likely stymied dealer participation, although, all in all, the
auction still passed smoothly enough. 
- JGB futures are testing psychological support at 153.00 at writing.
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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