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JGBS: The longer end of the JGB curve experienced some concession ahead of
Thursday's 20-Year supply.
- Looking at the auction results in detail, the cover ratio edged higher when
compared with the previous auction, as the carry and roll proposition seemed to
tempt dealers despite the relative value issues vs. longer dated paper.
Elsewhere the yield tail halved in width.
- There was no notable reaction straight after the auction, outside of a modest
tick higher in benchmark 20-Year yields (likely representing appetite for the
new line offered in the wake of the solid auction vs. the benchmark #JB165),
which retraced, and a brief blip lower in futures. Longer dated 30- & 40-Year
paper moved back to near unchanged levels on the day.
- JGB futures stuck to a tight range.
- An address from BOJ Gov. Kuroda offered little new insight yesterday.
- Focus today falls on 10-25+ Year BOJ Rinban operations, Japanese CPI & a
speech from Kuroda.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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