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JGBS

Bull Flattening, 30-Year Supply Eyed

US TSYS

Little Changed Early On

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Underpinned, But Off Best Levels

US TSYS

Tsys remain richer on the day but operate off of best levels, perhaps on the previously alluded to cheapening in the long end of the JGB curve, which seems to be at least in part linked to auction related concession ahead of the impending round of 40-Year JGB supply (in addition to Tokyo reaction to Monday’s moves in wider core global FI markets).

  • Cash Tsys run 2.5-4.5bp richer across the curve, with intermediates continuing to outperform.
  • TYZ2 operates 0-04+ off the peak of its 0-14+ session range.
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Tsys remain richer on the day but operate off of best levels, perhaps on the previously alluded to cheapening in the long end of the JGB curve, which seems to be at least in part linked to auction related concession ahead of the impending round of 40-Year JGB supply (in addition to Tokyo reaction to Monday’s moves in wider core global FI markets).

  • Cash Tsys run 2.5-4.5bp richer across the curve, with intermediates continuing to outperform.
  • TYZ2 operates 0-04+ off the peak of its 0-14+ session range.