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Good Digestion of 20-Year Supply

JGBS

20-year supply sees good digestion as the low-price printed above dealer expectations (which stood at 101.00, per the BBG poll) and the cover ratio at 3.540x increased versus 2.973x at last month’s auction. It is worth noting that the auction tail also declined materially.

  • As highlighted in the auction preview, improved sentiment towards longer-dated bonds globally in November, especially following positive inflation data, had the potential to offset the fact that the outright yield on offer today was approximately 10bps lower than the level seen in October and around 30bps lower than the cycle high set late in October.
  • The other potential negative factors, notably, the flatter 10/20 yield curve and the richening of 20-year JGB in comparison to the 10/20/30-year butterfly also didn’t appear to materially impact demand at today’s auction.
  • JGB futures have initially gapped higher after the lunch break, reaching a new Tokyo session high of 146.28, +45 compared to settlement levels.
  • The 20-year JGB has initially richened 2bps in post-auction trade.
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