Free Trial

Futures Hit On Soft 10-Year Auction

JGBS

It seems that desks were a little complacent re: the prospects surrounding the smooth takedown of today's 10-Year JGB supply, with the average price only just matching the broader expectations for the low price (per the BBG dealer poll), as the cover ratio slid to the lowest witnessed at a 10-Year auction since '15. Elsewhere, the tail widened vs. the previous auction. Crimped 10-Year ranges since the BoJ's March decision, questions over market functioning and a lack out outright/relative value appeal likely hampered takedown today. Futures soften in the wake of the release to print fresh session lows, last -2 on the day.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.