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5-Year JGB Auction Sees Solid Pricing, Soft Cover

JGBS

A smooth round of 5-Year JGB supply provides some mixed metrics. On the pricing front, the auction saw the highest level of outright 5-Year JGB yields in years promote solid enough takedown, with the low-price matching broader dealer expectations (as proxied by the BBG dealer poll). Still, overall demand wasn’t anywhere near firm, with the cover ratio printing a touch above the multi-month lows witnessed at last month’s auction, comfortably below the 6-month average (which stands at 3.92x).

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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