Less demand seen at the latest liquidity enhancement auction covering off-the run 5-15.5 Year JGBs, compared to the previous auction covering these maturities (April 18). Today’s cover ratio 3.716x versus 4.760x prior.

Spreads observed at the auction were higher than that seen last time out with the average accepted spread +0.006% versus -0.012% previously.
As flagged in our auction preview, the richening across lines since the April 18 auction looks to have tempered demand.
JGB futures are a little stronger along with the 5-year zone, with the 10- and 20-year JGB yields little changed post-auction.
US tsys edging richer however could counter the auction impetus.

Homepage markets-real-time Bullet Markets Fixed Income News

Gavin Stacey

Homepage markets-real-time Bullet Markets Fixed Income News

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Less Demand Seen At Liquidity Enhancement Auction For OTR 5-15.5-Year JGBs