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30-Year JGB Auction Struggles On The Price Side, While Cover Ticks Up

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The low price at the latest round of 30-Year JGB supply just missed expectations (which stood at 101.05), while the price tail widened a touch even as the cover ratio pushed above the 6-auction average (which stood at 3.11x). 30-Year JGB yields have added 0.5bp vs. pre-auction levels, while futures are little changed vs. pre-auction levels. It would seem that the relative richness vs. other super-long benchmarks and continued uncertainty re: BoJ policy post-Kuroda was enough to disincentivise some prospective bidders, albeit with prevailing yield levels proving enough to generate a baseline level of demand.

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The low price at the latest round of 30-Year JGB supply just missed expectations (which stood at 101.05), while the price tail widened a touch even as the cover ratio pushed above the 6-auction average (which stood at 3.11x). 30-Year JGB yields have added 0.5bp vs. pre-auction levels, while futures are little changed vs. pre-auction levels. It would seem that the relative richness vs. other super-long benchmarks and continued uncertainty re: BoJ policy post-Kuroda was enough to disincentivise some prospective bidders, albeit with prevailing yield levels proving enough to generate a baseline level of demand.