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A notably softer cover ratio vs. prev. at......>

JGBS
JGBS: A notably softer cover ratio vs. prev. at today's 40-Year auction,
although the high yield still met dealer exp. (as proxied by the BBG poll), as
opposed to topping exp. The % alloted at the high yield also moved higher.
- Potential that the recent uptick in prices/downtick in yields surrounding
Coronavirus put buyers off, especially with a lack of concession this morning.
- No real reaction in futures, while 40-Year yields sit ~0.5bp above pre-auction
levels at typing.
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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