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JGBS AUCTION: 40Y Auction Delivers A Solid Result

JGBS AUCTION
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

The issuance of 40-year bonds today encountered a solid reception, with the actual high yield undershooting dealer expectations. As per the BBG poll, the anticipated yield was projected at 2.35% versus the realised yield of 2.34%.

  • The cover ratio was also higher at 2.5798x versus 2.200x observed in the late July auction.
  • As highlighted in the auction preview, the current 40-year auction yield was approximately 5bps lower than in late July, but the 20/40 yield curve was 15bps steeper and near the steepest for the past 12 months.
  • The 40-year bond is little changed from pre-auction levels in early afternoon trading. 
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The issuance of 40-year bonds today encountered a solid reception, with the actual high yield undershooting dealer expectations. As per the BBG poll, the anticipated yield was projected at 2.35% versus the realised yield of 2.34%.

  • The cover ratio was also higher at 2.5798x versus 2.200x observed in the late July auction.
  • As highlighted in the auction preview, the current 40-year auction yield was approximately 5bps lower than in late July, but the 20/40 yield curve was 15bps steeper and near the steepest for the past 12 months.
  • The 40-year bond is little changed from pre-auction levels in early afternoon trading.