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20-Year Supply Sees Mixed Results

JGBS AUCTION

20-year supply sees mixed results, with the low-price failing to meet dealer expectations (which stood at 98.60, per the BBG poll) but the cover ratio increasing to 3.126x from 2.584x at last month’s auction. The auction tail also shortened materially.

  • As highlighted in the auction preview, today’s auction followed on the heels of suboptimal results at January’s 5-, 10- and 30-year JGB supply.
  • The bid at today’s auction was likely supported by a more sanguine outlook for BoJ policy and the improved sentiment towards longer-dated bonds globally since early November.
  • A lower outright yield and the richness of the 20-year on the 10/20/30 butterfly likely weighed on demand.
  • JGB futures have initially gapped lower after the lunch break, pushing to new session lows.
  • The 20-year JGB has initially cheapened 1bp in post-auction trade.
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