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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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US Treasury Auction Calendar
20-Year JGB Supply Goes Poorly
Woeful demand at the latest round of 20-Year JGB supply, with a wide tail and a low price that was comfortably below general expectations (which stood at 105.00, per the BBG dealer poll). That came alongside a depressed cover ratio, which printed at the lowest level seen at a 20-Year JGB auction since September’s offering. A reminder that September’s cover ratio represents the lowest level seen at a 20-Year JGB auction since ’12. The recent outright richening, ongoing market vol. and uncertainty re: BoJ Rinban purchases (all of which were factors flagged in our auction preview) provided the major headwinds for takedown. JGB futures are little changed vs. pre-auction levels, while 20-Year JGB yields sit a little over 1bp cheaper vs. pre-auction levels after moving back from knee-jerk extremes post-supply. There hasn’t been much movement in the 10/-20/-30-Year butterfly when compared to pre-lunch levels.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.