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Decent enough auction on the price front at....>

JGBS
JGBS: Decent enough auction on the price front at first glance, with the low
price exceeding dealer exp. (as proxied by the BBG poll @ 100.80), although
market seemed tepid ahead of supply, so estimate may have been cautious.
Elsewhere, slight widening of the tail and downtick in the cover ratio represent
what we have seen in other recent auctions, although maybe not as extreme.
10s/20s flatten a little in the wake of a mediocre auction that was probably a
touch better received than exp.
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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