5-Year JGB supply was absorbed smoothly enough, with the low price matching broader estimates (as proxied by the BBG dealer poll), while the price tail saw a very modest widening, although remained tight in the grander scheme of things. Things were a little softer on the cover ratio side, with the bid/cover moving to the lowest level observed at a 5-Year JGB auction since the COVID-induced vol. of early ’20 (likely on the well-documented market functioning issues). JGB futures and cash 5s sit a touch firmer than levels observed at the time of the Tokyo lunch break.
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