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5-Year Supply Shows Solid Results

JGBS AUCTION

Today's supply of 5-year bonds shows solid results. The auction's low price beat dealer expectations, which had been projected at 99.94 as per the BBG poll, with the cover ratio of 3.878x slightly lower than the 3.991x recorded at March’s auction. The tail held at last month’s length, which sits in the middle of the range for the past year.

  • As indicated in our preview, today’s auction occurred with an outright yield that was slightly higher than March’s offering but still around 10bps lower than the cyclical peak set in early November. The 2/5 curve was slightly flatter than in early March.
  • Overall, while less convincingly than this month’s 10-year auction, today's auction maintains the recent trend of improved demand metrics witnessed in JGB auctions.
  • The 5-year JGB is little changed after the auction. JGB futures are also little changed after quickly reversing the spike stronger in the early rounds of afternoon trade.
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