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Mixed Demand Metrics For 30Y Supply

JGBS AUCTION

30-year supply sees mixed demand metrics, with the low price failing to meet dealer expectations (which stood at 99.50, per the BBG poll) but the cover ratio increasing to 3.003x from 2.616x in December. It is noteworthy that December’s cover was the lowest level seen at a 30-year auction since 2015.

  • Today's auction result was therefore better than Tuesday's 10-year supply, which once again showed poor demand metrics across the board.
  • With the outright yield and curves at similar levels to early December, a more sanguine view of the BoJ policy outlook and bullish sentiment towards long-end global bonds appear to have assisted today’s bid.
  • JGB futures are little changed after initially gapped lower after the lunch break.
  • The 30-year JGB has initially cheapened 1bp in post-auction trade.
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