Free Trial

Lacklustre 2-Year Auction; Cover Ratio Slides

JGBS

Today’s sale of 2-Year JGBs saw the cover ratio decline to 3.81x from 5.43x at the previous auction, moving below the six-auction average of 4.65x. The price tail widened a little, although the low price matched dealer expectations (100.100 as per the BBG dealer poll). As we suggested in our preview, this auction was likely supported by domestic investors with capital to deploy, while the wider international investment community would likely stay away on the back of worry re: some form of BoJ recalibration.

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.