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20Y Supply Delivers Mixed Demand Metrics

JGBS AUCTION

20-year supply displays mixed demand metrics. The low price failed to meet dealer expectations (which stood at 99.50, per the BBG poll) and the auction tail ticked longer. However, the cover ratio increased to 3.046x from 3.007x at last month’s auction.

  • As highlighted in the auction preview, today’s auction presented an outright yield that was 5-10bps higher than the level observed at March’s outing and only 10-15bps lower than the cycle high set in late October.
  • Accordingly, today’s result is likely to be deemed disappointing, particularly after April’s 10- and 30-year JGB supply set a positive tone for a market that had been under pressure since mid-December due to anticipated policy tightening by the BoJ.
  • JGB futures initially gapped lower after the lunch break, pushing to new session lows, -58 compared to settlement levels.
  • The 20-year JGB has initially cheapened 1-2bps in post-auction trade.
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