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30-Year Supply Passes Smoothly

JGBS

30-Year JGB supply passes smoothly. The cover ratio edged lower vs. the previous 30-Year auction, but still held above the 6-month average (3.21x). Meanwhile, pricing was firm, with the low price observed topping broader dealer expectations (the BBG dealer poll pointed to 97.75) as the price tail held tight. Ultimately, outright yield levels and potential flattener demand likely promoted smooth underwriting of today’s supply.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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