The JGB curve bull-flattened on Wednesday,.....>

JGBS: The JGB curve bull-flattened on Wednesday, as futures moved higher.

- The BoJ's latest round of Rinban operations were left unchanged in terms of

size, while the breakdown of the operations was seemingly more encouraging than

the previous round of ops covering the same buckets.

- The long to super-long end outperformed in the afternoon, with one eye on

today's 20-Year supply, although worries over seemingly rich outright valuations

kept a lid on the space, as did the rally in the Nikkei 225.

- Barclays suggest that "today could see sellers initially take the upper hand

after US Tsy yields rose overnight. We expect the 20-Year auction to clear

smoothly. Although the rich valuations in terms of yield level and the curve are

a concern, the auction should draw support from carry demand into Golden Week

and the lack of any super-long auctions until the 30-Year auction on 15 May,

after the long holiday."