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JGBS AUCTION

40-Year Auction Results

JGBS AUCTION

3-Month Bill Auction Results

JGBS AUCTION

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Disappointing Cover At 40-Year Auction, Pricing Firm Enough

JGBS

The 40-Year auction saw the high yield come in 0.5bp below wider expectations (as proxied by the BBG dealer poll), with the cover ratio incrementally lower vs. what was seen at last month’s auction, representing the lowest level seen since the March ’22 trough in the metric.

  • It would seem that the outright and relative value combination failed to draw meaningful demand from the domestic life insurer and investment cohort, but the solid enough round of pricing means that cash 40s and JGB futures are little changed post-supply.
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The 40-Year auction saw the high yield come in 0.5bp below wider expectations (as proxied by the BBG dealer poll), with the cover ratio incrementally lower vs. what was seen at last month’s auction, representing the lowest level seen since the March ’22 trough in the metric.

  • It would seem that the outright and relative value combination failed to draw meaningful demand from the domestic life insurer and investment cohort, but the solid enough round of pricing means that cash 40s and JGB futures are little changed post-supply.