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Allure Of Fresh Paper Outweighs Flat Relative Value At 5-Year Auction

JGBS

The allure of new paper and the BoJ's policy continuation seemingly facilitated solid takedown at the latest auction, outweighing the apparent flat relative value. The tail tightened at the margin, with the cover ratio jumping and low price topping dealer expectations (which sat at 100.92, per the BBG dealer poll).

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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