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20-Year JGB Supply Well Received

JGBS

The latest round of 20-Year JGB supply comes in on the firmer side, with the cover ratio moving higher (topping the 6-auction average of 3.34x), price tail narrowing to a much more normal level vs. what was seen at the previous 20-Year auction and low price topping wider expectations (which stood at 100.65, per the BBG dealer poll). Stabilisation of the wider core global FI space, short covering and lifer demand likely resulted in the smooth passage of supply (factors we flagged in our auction preview). JGB futures firm out of auction, while 20-Year cash JGB trade sees incremental richening.

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The latest round of 20-Year JGB supply comes in on the firmer side, with the cover ratio moving higher (topping the 6-auction average of 3.34x), price tail narrowing to a much more normal level vs. what was seen at the previous 20-Year auction and low price topping wider expectations (which stood at 100.65, per the BBG dealer poll). Stabilisation of the wider core global FI space, short covering and lifer demand likely resulted in the smooth passage of supply (factors we flagged in our auction preview). JGB futures firm out of auction, while 20-Year cash JGB trade sees incremental richening.