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10-Year Supply Passes Smoothly, Futures A Touch Softer

JGBS

The latest round of 10-Year JGB supply passed smoothly, with the low price matching wider dealer exp. (as proxied by the BBG dealer poll), while the price tail held narrow and the cover ratio edged further above the 6-auction average (which stood at 3.12x), hitting the highest level observed at a 10-Year JGB auction since Nov ’20. Futures and cash 10s have cheapened a touch in early afternoon dealing, perhaps playing catch up when it comes to the modest downtick in U.S. Tsys.

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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