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Mixed Results For 10-Year JGB Supply

JGBS

The 10-year JGB auction sees mixed demand metrics. The low price met wider expectations (which stood at 98.95, per the BBG dealer poll) but the tail lengthened, and the cover ratio declined to 3.622x from 3.934x at the October auction. It is worth noting that today’s cover was the second lowest seen at a 10-year auction since Aug’22.

  • The simultaneous occurrence of cycle highs in outright yield, a steep 2/10 yield curve, and the relative cheapness of 10-year JGBs versus futures with a 7-year maturity hasn't been sufficient to alleviate investor concerns regarding the BoJ's newly introduced flexible YCC framework.
  • In early Tokyo afternoon trade, the cash 10-year JGB is around 1.0-1.5bps cheaper than lunch levels with the yield around 0.925%.
  • JGB futures are little changed at 143.96, +28 compared to settlement levels, after spiking to 144.15 initially.
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