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2-Year Supply Goes Well Enough; Cover Declines

JGBS

The latest round of 2-Year JGB supply went well enough on the pricing side, with the price tail remaining tight despite widening a little from the previous auction, while the low price printed just above broader expectations (which stood at 100.165 as per the BBG dealer poll).

  • The cover ratio dipped to 3.61x, below the print of 4.33x at the previous auction and far below the six-auction average of 4.65x, but ultimately points to healthy enough demand at that level.
  • The steepness of the JGB curve and the move in 2s away from cycle cheaps likely aided the downtick in cover observed at today’s auction.
  • On the other hand, the BoJ’s on-hold monetary policy stance (with BoJ Gov Kuroda reiterating the need for easy monetary policy over the weekend at Jackson Hole) would have facilitated a baseline level of demand at today’s auction.
  • 2s are incrementally richer in early afternoon trade.
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