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5-Year Supply Goes Smoothly

JGBS

A solid enough round of 5-Year JGB supply sees the low price match the wider dealer consensus (as proxied by the BBG dealer poll), while the price tail saw an incremental narrowing from already tight levels. The cover ratio ticked away from the multi-month low in the metric observed at March’s 5-Year auction, but still printed just below the 6-auction average (which stood at 3.67x). Nothing was observed in the way of meaningful, immediate reaction in futures & 5s post-supply.

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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