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20-year Auction Goes Well

JGBS

20-year supply displays strong demand metrics. The low price beat dealer expectations (which stood at 96.60, per the BBG poll), the cover ratio increased to 3.852x from 3.126x at last month’s auction and the auction tail shortened materially.

  • As highlighted in the auction preview, today’s auction followed on the heels of solid results at February’s 10- and 30-year JGB supply and offered an outright yield that was around 15bps higher than the level observed in January.
  • Despite a Reuters report indicating the BoJ's potential end to negative interest rates in coming months amidst the country's recession, the bid tone at today's auction remained resilient, showing no signs of deterrence.
  • JGB futures have initially gapped higher after the lunch break, pushing to new session lows.
  • The 20-year JGB has initially richened 3bps in post-auction trade.
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