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Less Than Convincing 30-Year Auction

JGBS

A less than convincing round of 30-Year JGB supply sees the tail widen notably, low price miss broader expectations (which stood at 98.10, per the BBG dealer poll) and the lowest cover ratio seen at a 30-Year auction seen since March ’21.

  • It would seem that ongoing market vol., the relative lack of BoJ control over this area of the curve and worry surrounding further cheapening in wider core global FI markets deterred bidders from stepping up.
  • 30-Year JGB yields are little changed in early afternoon dealing, while JGB futures have not moved post-auction.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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