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The JGB curve twist-flattened again on.........>

JGBS
JGBS: The JGB curve twist-flattened again on Thursday, after JGB futures moved
higher yesterday as the stronger JPY & weaker equity backdrop supported the
space in the morning.
- The 20-Year JGB auction was well received, which supported 10- & 20-Year paper
in the afternoon, while shorter dated paper underperformed in the wake of the
uptick in the offer to cover ratio in Wednesday's 1-3 Year Rinban operations.
- US Tsys softened on Thursday.
- Focus today will fall on the BoJ's 10+ Year Rinban ops.
- Barclays suggest that "today could see the super-long end of the JGB market
remain firm on perceptions of strong supply and demand into the fiscal year end
after bond futures edged higher overnight."
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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