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A lukewarm round of 20-Year JGB supply sees the cover ratio tick higher vs. prev. auction, tail narrow a little vs. prev. auction and low price match broader dealer expectations (proxied by the BBG poll). 20-Year cash JGBs have richened by ~0.5bp in the wake of the auction after some modest concession during the morning, while JGB futures haven't shown anything in the way of a tangible reaction.