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JGBS AUCTION: 5-Year Supply Shows Mixed Demand Metrics

JGBS AUCTION
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

The results of today's 5-year bond auction presented mixed demand metrics. The auction price exceeded dealer expectations, surpassing the projected 100.14 from the Bloomberg poll. Despite this, the cover ratio remained relatively stable at 3.73x, and the auction tail was marginally longer than last month.

  • As noted in our preview, today’s auction came on the heels of a solid 10-year outing in October.
  • The results were likely influenced by bids encountering a yield 5bps higher than last month's offering and a slightly steeper 2/5 curve. However, the curve has remained near the lower end of its range since December 2022.
  • Both the 5-year JGB and JGB futures have shown little movement in early afternoon trading.
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The results of today's 5-year bond auction presented mixed demand metrics. The auction price exceeded dealer expectations, surpassing the projected 100.14 from the Bloomberg poll. Despite this, the cover ratio remained relatively stable at 3.73x, and the auction tail was marginally longer than last month.

  • As noted in our preview, today’s auction came on the heels of a solid 10-year outing in October.
  • The results were likely influenced by bids encountering a yield 5bps higher than last month's offering and a slightly steeper 2/5 curve. However, the curve has remained near the lower end of its range since December 2022.
  • Both the 5-year JGB and JGB futures have shown little movement in early afternoon trading.