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The recent uptick in yields resulted in a slight narrowing of the tail at the latest round of 20-Year JGB supply, albeit by the most incremental of margins, while the low price met broader dealer expectations (as proxied by the BBG dealer poll). Ultimately demand wasn't all that strong, with worries surrounding the broader international fixed income environment (inflationary fear & central bank rate setting questions in some core markets) and the burden of increased JGB supply at some point in the coming months pushing the cover ratio to the lowest witnessed at a 20-Year auction since '15.