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30s Cheapen A Touch Post-Supply

JGBS

The latest round of 20-Year JGB supply wasn’t well received, with the low price missing wider dealer expectations (which stood at 101.30, per the BBG dealer poll) and tailing widening vs. the previous auction, although the cover ratio did nudge higher, albeit from a low base, holding below the 6-auction average in the process (6 auction average stood at 3.27x). No lasting/meaningful impact on JGB futures, while cash 20s sit 1bp cheaper vs. lunch break levels, but still print 2bp richer 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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