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5-Year Supply Shows Poor Demand Metrics

JGBS AUCTION

Today's supply of 5-year bonds showed poor demand metrics. The auction's low price failed to beat dealer expectations, which had been projected at 99.72 as per the BBG poll, and the cover ratio declined to 3.5109x from 4.256x at July’s auction. The auction tail was also longer.

  • As noted in our preview, today’s auction followed a disappointing 10-year JGB auction in August.
  • The results were likely affected by a bid that faced a yield 15bps lower than July’s offering, coupled with a 2/5 curve that was 15bps flatter than the July auction and is now near the lower end of its range since December 2022.
  • The 5-year JGB is little changed after the auction. JGB futures are stronger in early afternoon dealings.
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