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20-Year Supply Goes Smoothly

JGBS

The low price observed at the 20-Year auction topped wider dealer expectations (which stood at 99.80 per the wider BBG dealer poll), with the tail narrowing a touch and cover ratio moving further above the 6-auction average. The tail width means that the auction wasn’t overly strong, but it was easily digested, with the previously outlined curve steepeness and home bias for the: Japanese bond investor community likely supporting takedown. No immediate reaction in cash 20s & futures.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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