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2-Year JGB Supply Goes Smoothly

JGBS AUCTION

2-Year JGB supply clears smoothly, with the low price topping wider expectations (which stood at 100.05, per the BBG dealer poll), while the cover ratio topped the 6-auction average (which stood 4.01x). FY end window dressing probably aided demand, as we suggested would be the case pre-auction, even with some pre-auction worry generated by the width of swap spreads and uncertainty re: BoJ monetary policy settings in the post-Kuroda era.

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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