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JGBS: The Japanese curve has bull steepened as a strong 2-Year JGB auction
helped yields to move lower, with the super-long end unwinding the softness seen
in the morning session.
- JGB futures last trade at 150.69 (+6 ticks)
- The aforementioned strong 2-year JGB auction auction provided a tight tail,
with strong bid to cover ratio and a slightly higher than expected low price.
That came after 2-Year paper didn't show any signs of concession ahead of
today's JGB auction, although the sector didn't look particularly rich in
outright terms and many were expecting decent enough demand.
- Swaps underperformed JGBs in all tenors barring the 40-Year.