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Liquidity Enhancement Auction Goes Well Enough

JGBS

The latest liquidity enhancement auction covering off-the-run 15.5-39 Year JGBs went fairly well, with spreads tightening vs. the previous auction, while the spread tail narrowed as well. The cover ratio printed at 2.40x, an improvement over the previous auction’s 1.95x, pointing to a slight pickup in demand.

  • A reminder that the previous auction came at a time when the BoJ’s YCC settings were being challenged, rendering the previous auction metrics somewhat limit when it comes to comparability matters.
  • This week’s concession in super-long JGBs, which extended this morning, seemingly provided enough of an enticement to lure participants off of the sidelines at auction.
  • 20- to 40-Year JGBs have firmed from session cheaps in the wake of the auction.
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