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JGBS AUCTION: 30Y Supply Adequately Absorbed

JGBS AUCTION
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

The 30-year supply was adequately absorbed, with the low price aligning with dealer expectations (102.70, per the BBG poll). The cover ratio remained steady at 3.3980x, and the auction tail lengthened only slightly.

  • This result contrasts with Tuesday's 10-year supply, which showed stronger demand metrics.
  • A lower outright yield and richness in the 20-/30-/40-year butterfly likely contributed to the slight weakening in demand for today's auction.
  • In early afternoon trading, both JGB futures and the 30-year JGB remained relatively unchanged. 
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The 30-year supply was adequately absorbed, with the low price aligning with dealer expectations (102.70, per the BBG poll). The cover ratio remained steady at 3.3980x, and the auction tail lengthened only slightly.

  • This result contrasts with Tuesday's 10-year supply, which showed stronger demand metrics.
  • A lower outright yield and richness in the 20-/30-/40-year butterfly likely contributed to the slight weakening in demand for today's auction.
  • In early afternoon trading, both JGB futures and the 30-year JGB remained relatively unchanged.