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5-Year Supply Shows Solid Results

JGBS AUCTION

Today's supply of 5-year bonds showed solid results. The auction's low price met dealer expectations, which had been projected at 99.92 as per the BBG poll, with the cover ratio of 3.971x higher than the 3.90x recorded at May’s auction. The auction tail was also shorter.

  • As indicated in our preview, today's auction came on the heels of a strong 10-year JGB auction in June and news that the Ministry of Finance was weighing a plan to shift more of its bond issuance to shorter maturities.
  • Overall, 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.
  • However, JGB futures have weakened further in the early rounds of afternoon trade, hitting a new session low of 143.72, -22 compared to settlement levels. At least part of the weakness in JGB futures may reflect the 2-3bp cheapening in cash US tsys in today’s Asia-Pac session after yesterday’s holiday.
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