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40-Year Supply Goes Very Well

JGBS

The latest round of 40-Year JGB supply went smoothly, seeing the cover ratio improve to 2.70x against 2.42 prev. (and above the six-auction average of 2.47x), while the high yield printed comfortably below wider expectations (which stood at 1.370% as per the BBG poll), with outright 40-Year JGBs backing away from cheapest levels after the auction.

  • The previously-flagged suite of supportive conditions - with 40-Year JGBs just off cycle cheaps prior to the auction, the steepness of the domestic curve, the Japanese investor’s aversion to adding to international debt (as seen in Japanese weekly international security flow data pointing to eight consecutive weeks of net selling of foreign bonds), and the preference of domestic life insurers to accumulate super-long JGB holdings (per their semi-annual investment intention interviews), all likely contributed to smooth digestion at today’s auction.
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