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10-Year Supply Passes Smoothly

JGBS

The latest round of 10-Year JGB supply passed smoothly, with the low price topping broader dealer expectations (which stood at 100.00, per the BBG dealer poll), with the tail narrowing incrementally vs. the Dec auction, while the cover ratio nudged higher, moving above its 6-auction average (which stood at 3.164x). JGB futures have nudged higher in the wake of the auction, with demand no doubt supported by the carry and roll aspect that we flagged in our auction preview.

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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