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10-Year JGB Supply Goes Well

JGBS

10-Year supply goes well, with the low price matching wider expectations (as proxied by the BBG dealer poll), with the tail holding narrow and the cover ratio moving further above the 6-auction average. As we flagged in our preview, the BoJ’s defence of its YCC parameters and the short base of the international investor sphere were likely provided 2 major demand drivers.

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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