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Fixed Income Commentary

Intriguing RV graphs: Change in non-residents' super-long premium

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Intriguing RV graphs: Change in non-residents' super-long premium

Key points
  • Non-residents largest buyers of super-long JGBs since rates turned positive, but demand yield premium
  • Premium narrows when rate-hike expectations gather pace as flatteners squeeze 10s30s spread
  • Super-long premium more likely to narrow toward year-end despite lingering procyclical fiscal policy concerns
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