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A More Normal 2-Year Auction

JGBS

A firm enough 2-Year JGB auction there, with the low price topping dealer expectations at the margin (BBG survey pointed to 100.450), while the cover ratio moved back towards more normal levels and the tail narrowed, although we must stress that last month's 2-Year offering was poorly received, which muddies the usual comparative benchmarking.

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

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