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Cover ratio of that 40-Year auction moves in...>

JGBS
JGBS: Cover ratio of that 40-Year auction moves in the right direction, but we
did flag the fact that the previous auction was weak in our preview. Not the
best auction when all things are considered, with the high yield marginally
higher than the BBG dealer poll expected, less than inspiring cover ratio and
jump in % allotted at the high yield vs. the March auction.
- Maybe a case of supplementary budget worry outweighing the shine of fresh
primary issuance?
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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