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2-Year Supply Goes Well

JGBS

The latest round of 2-Year JGB supply goes well, with the cover ratio printing at the highest level observed since May and little movement in the tail width, while the low price topped expectations (which stood at 100.085, per the BBG dealer poll). Takedown was likely aided by the recent move to multi-month cheaps in outright terms, international investor demand stemming from FX-hedged yield pickup and the BoE’s well-documented Wednesday action, which has allowed core global FI markets to stabilise, for now. 2s have richened incrementally during early Tokyo afternoon trade.

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The latest round of 2-Year JGB supply goes well, with the cover ratio printing at the highest level observed since May and little movement in the tail width, while the low price topped expectations (which stood at 100.085, per the BBG dealer poll). Takedown was likely aided by the recent move to multi-month cheaps in outright terms, international investor demand stemming from FX-hedged yield pickup and the BoE’s well-documented Wednesday action, which has allowed core global FI markets to stabilise, for now. 2s have richened incrementally during early Tokyo afternoon trade.