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The longer end of the JGB curve has been.......>

JGBS
JGBS: The longer end of the JGB curve has been subject to the most marginal
level of underperformance on the back of yesterday's post-auction flattening, in
spite of today's Rinban operations which covered 5-25 Year+ paper. The BOJ left
the size of the operations unch., with the offer to cover ratios sliding across
the board.
- The offer to cover ratio of the operations can be found below:
- 5-10 Year: 2.30 (prev. 3.17) - 10-25 Year: 3.00 (prev. 3.31) - 25+ Year: 2.67
(prev. 4.08)
- Prologis' & Barclay's Samurai issuance is set to price later this week, with
the fresh demand for carry via issuance pushing yen basis tighter from circa
3-Month wides.
- Rinban operations and 5-Year supply dominate the docket for the remainder of
the week.
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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