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The longer dated area of the JGB curve has.....>

JGBS
JGBS: The longer dated area of the JGB curve has softened ahead of today's
20-Year supply. Daiwa believe that "the 20-Year sector lacks attraction relative
to the yield curve or swaps but there doesn't seem to be any bias in positions
and there is a possibility that investors may be attracted to the new issue, or
at least more so than they would be to a re-opened one."
- This of course comes after 20-Year yields hit 18-month lows last week.
- Daily studies looking to correct from modestly overbought levels in futures
and the lack of topside follow through remain concerns for bulls. In saying
that, bears still need a close below 150.89 to ease bullish pressure and return
initial focus to 150.71-80.
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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