This is The Ghost.

Four of five paid, and the front end finally printed

Both indices rose, 13 of 28 comparable counters were up and five sessions traded TSh 30.05bn; yet the leading counter still absorbed 49% to 76% of every session’s value. Inside the book the pattern inverted: four of five equity holdings paid, and the largest single contributor supplied about 49% of the week’s equity move against 92% a week earlier. Bill auction 1204 printed the first front-end curve since 15 July; the belly 40bp higher, the one-year 28bp lower; so the duration idea stays on the table, dated and unexecuted. NMB’s one-for-ten subdivision lands on 24 August: a mechanical basis break, not a loss.