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10-Year Auction Passes Smoothly

JGBS

The latest 10-Year JGB auction sees the low price top dealer estimates (which stood at 99.73, per the BBG poll), with the tail narrowing and cover ratio moving higher, although the latter continues to operate within the lower end of its recent range, with the metric witnessed at last month's auction providing a low bar to hurdle given the fact that it represented a multi-year low.

  • Cash 10s and JGBs firm at the margins post-auction, with the market breathing a sigh of relief. The BoJ Rinban plan-inspired cheapening created ample concession during morning trade.
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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