Free Trial

5-Year Supply Well Received

JGBS

5-Year JGB supply goes well, even with the coupon on the new line being adjusted lower (0.2% vs. last month’s new 0.3% line), as the cover ratio ticks above the 6-auction average (which stood at 3.62x) as the low price topped wider dealer expectations (which stood at 99.89, per the BBG dealer poll) and the price tail vanished. The recent stabilisation in the zone and perhaps some viewing BoJ Governor-in-waiting Ueda as a middle ground (Avoiding the most hawkish potential outcomes) likely supported takedown. JGB futures firm a touch, while 5s rally by the best part of 2bp post-supply.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.