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Bland 30-Year Supply

JGBS

A fairly bland auction there. The low price topped dealer expectations (98.70 as proxied by the BBG poll), while the cover ratio nudged lower, perhaps on the fiscal & COVID-19 matters that we flagged ahead of the auction. Still, the latter metric sits some way above the YtD lows seen at 30-Year auctions. The price tail was pretty stable when compared to the prior.

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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