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20Y Supply Goes Smoothly But Less Demand

JGBS AUCTION

20-year supply goes smoothly, with the low-price beating dealer expectations (which stood at 96.30, per the BBG poll) and the auction tail ticking shorter. However, the cover ratio decreased to 3.2734x from 3.6500x at last month’s auction.

  • As highlighted in the auction preview, today’s auction presented an outright yield 10bps higher than the level observed at May’s outing and only 10bps lower than the cycle high set in late May.
  • Also on the positive side, today's auction occurred amidst more optimistic sentiment towards long-end global bonds.
  • Consequently, today’s result is likely to be seen as consistent with the positive tone set at June’s 10- and 30-year JGB auctions.
  • JGB futures initially surged after the lunch break, reaching new session highs, but those gains have since been pared.
  • The 20-year JGB initially richened by 2bps in post-auction trading.
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