Benchmark Candidates Strengthen in the Middle of the Debt Switch. FR0090 and FR0092 led the yield decline to around 2.4 bps, or yields fell the deepest compared to FR0091, and FR0088 which fell around 1 bps. Yesterday, the government made a buy back by means of a debt switch, offered Government Securities (SUN) benchmark candidates FR0090, FR0091, FR0088, and FR0092, as well as long tenor FR0089. The five series are offered to be exchanged for SUN with a time to maturity of less than 5-years, such as: FR0061 (0.6-year); FR0063 (1.6-years); FR0046 (1.8-years); FR0039 (1.9-year); FR0070 (2.5-years); FR0077 (2.6-years); FR0044 (3-years), FR0081 (3.7-years); FR0040 (4- years).

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