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JGBS: There was little reaction notable to the latest 10-Year JGB auction, which
was buffeted by 10-Year yields moving back into positive territory this morning,
allowing the average yield of the auction to register at 0.015%. The tail on the
auction narrowed vs. the previous 10-Year supply, with the cover ratio ticking
higher. Also worth highlighting that the low price of the auction topped the
exp. in the BBG poll, albeit at the margin.
- The auction allowed some modest bear flattening to take place in the afternoon
session, after 10- & 20-Year paper had modestly underperformed in the morning.
This pushed 10-Year yields back into negative territory, with benchmark 10-Year
paper last yielding -0.002%, while futures operate at the lower end of today's
range as the Nikkei 225 adds 1.00%, exerting some modest pressure on the space.
- Swaps are tighter vs. JGBs across the curve.
- The BoJ will conduct 5-10 Year Rinban operations tomorrow, with 30-Year JGB
supply due Thursday.