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Luke-Warm Demand At Liquidity Enhancement Auction

JGBS

Average to slightly tepid demand in the latest liquidity enhancement auction covering off-the-run 1- to 5-Year JGBs, with the cover ratio easing and the spread width unchanged vs. the prior auction of such paper. Perhaps the proximity to tomorrow’s BoJ decision resulted in some prospective bidders staying on the sidelines, even with a clear consensus looking for no change in Bank policy settings (albeit to varying degrees). JGB futures nudge lower and 2- & 5-Year JGB yields inch higher 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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