© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
USDCAD TECHS

Remains Vulnerable

AUDUSD TECHS

Trend Needle Points North

US TSYS

Bonds Near Highs, Yield Curves Flatter

EURJPY TECHS

Bearish Outlook

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

20s See Wider Tail & Lower Cover As Market Functioning Issues Limit Demand

JGBS
BulletMarketsFixed IncomeBond Market News

The latest round of 20-Year JGB supply saw the low price print a little below wider expectations (which stood at 98.15, per the BBG dealer poll), while the cover ratio softened to sit roughly in line with the 6-auction average, as the price tail widened. Note that the previously outlined factors that were centred on the well-documented impaired JGB market functioning made a strong auction very unlikely, although short cover and potential lifer demand likely provided at least some offset to these headwinds. 20-Year yields are little changed post-supply, while JGB futures operate around pre-auction levels after nudging higher in early afternoon dealing.

103 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

The latest round of 20-Year JGB supply saw the low price print a little below wider expectations (which stood at 98.15, per the BBG dealer poll), while the cover ratio softened to sit roughly in line with the 6-auction average, as the price tail widened. Note that the previously outlined factors that were centred on the well-documented impaired JGB market functioning made a strong auction very unlikely, although short cover and potential lifer demand likely provided at least some offset to these headwinds. 20-Year yields are little changed post-supply, while JGB futures operate around pre-auction levels after nudging higher in early afternoon dealing.