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JGBS: The long end traded in resilient fashion on Wednesday after the BoJ
trimmed purchases of the 25+-Year bucket in its Rinban, supported by month & FY
end flows, although paper out to 10-Years moved lower on the back of the tweak.
- Focus today will fall on 10-Year supply after the BoJ left its guidance in its
MArch bond buying plan unchanged to February's.
- US Tsys bull flattened on Wednesday, as equities came under pressure after
Gilts drove a bid in in the EU morning.
- Barclays believe that "today could see the JGB market initially trade in a
range overall ahead of the 10y auction. We expect the 10y auction (JB350) to
produce somewhat weak results assuming yields ~ current levels (WI close on 28
February: 0.06%). Valuations may appear rich given that those yields are below
the average at the last auction (0.088%). Also, JB350 will not be eligible for
BoJ buying operations before 19 March. With the change to redemption months
accompanying the shortening of JGB settlement periods, it appears that JB350
will be issued for 4 consecutive months (ordinarily 3 months), including today's
auction, so participants may tend to be perceive some slack in supply & demand."