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Less Than Inspiring 20-Year Supply, No Immediate Reaction

JGBS

A less than inspiring 20-Year JGB auction, with the tail widening vs. prev. and cover ratio softening back towards the multi-year lows witnessed at December's round of 20-Year supply. The matters flagged in our preview likely kept potential bidders sidelined/limited the aggressiveness shown in bids. The one saving grace was that the low price met broader dealer expectations, as proxied by the BBG dealer poll. Little spillover in cash 20s/JGB futures as of yet.

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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