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Very solid 20-Year auction out of Japan........>

JGBS
JGBS: Very solid 20-Year auction out of Japan given the lack of concession
heading in (may have been helped by the uptick in super long yields on Friday &
Monday which came on the back of an uptick in the offer to cover ratio in the
BoJ's latest 25+ Year Rinban operations), with the highest cover ratio on record
for that tenor. The low-price topped exp. (based on the BBG dealer poll) with
the % allotted at the high yield moderating. The price tail was marginally
wider, but you would probably expect that given the fact that both the average
and low prices were above the previous auction's average price.
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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