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30-Year Supply Passes Smoothly

JGBS

A solid enough round of 30-Year JGB supply sees the low-price print above wider expectations (which stood at 96.50, per the BBG dealer poll), with the cover ratio nudging up to a more “normal” level after last month’s auction saw the lowest round of 30-Year JGB cover since early ’21. Elsewhere, the tail narrowed from a wide base. JGB futures nudged higher post-auction, also aided by the move in U.S. Tsys during the Japanese lunch break, while cash 30s moved to richest levels of the session, now printing 5bp firmer on the day.

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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