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JGBS AUCTION: 5-Year Supply Shows Mixed Demand Metrics

JGBS AUCTION
BulletAPACFixed Income BulletsJapanMarkets

Today’s 5-year bond auction demonstrated mixed demand metrics, with the auction price meeting expectations of 100.05. However, the cover ratio declined to 3.5163x from 3.8158x and the auction tail lengthened to 0.03.

  • These results align with the mixed demand metrics observed at this month’s 10-year auction.
  • Given that today’s 5-year was offering a yield approximately 10-15bps higher than last month, marking a cyclical peak, the outcome is likely to be viewed as somewhat disappointing.
  • Following the auction, the 5-year JGB has cheapened ~1bp in early afternoon trading, while JGB futures have weakened, retreating to session lows.
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Today’s 5-year bond auction demonstrated mixed demand metrics, with the auction price meeting expectations of 100.05. However, the cover ratio declined to 3.5163x from 3.8158x and the auction tail lengthened to 0.03.

  • These results align with the mixed demand metrics observed at this month’s 10-year auction.
  • Given that today’s 5-year was offering a yield approximately 10-15bps higher than last month, marking a cyclical peak, the outcome is likely to be viewed as somewhat disappointing.
  • Following the auction, the 5-year JGB has cheapened ~1bp in early afternoon trading, while JGB futures have weakened, retreating to session lows.