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Cover Softens At 5-Year Auction

JGBS

Low price of the 5-Year auction meets dealer estimates, as proxied by the BBG dealer poll, with the width of the price tail holding steady when compared to the recent auction. However, the cover ratio eased, perhaps there is some worry re: the upcoming JGB issuance schedule, given the fact that today's auction cleared around 1.0bp cheaper than the prior auction.

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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