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Mixed Results For 10-Year JGB Supply, 10YY Lower Post-Auction Results

JGBS

The 10-year JGB auction sees mixed demand metrics. The low price beat wider expectations (which stood at 100.23, per the BBG dealer poll) and the tail shortened. However, the cover ratio declined to 3.934x from 4.019x at the September auction.

  • Cycle highs for the outright yield, the 2/10 yield curve and relative cheapness of 10-year JGBs compared to futures (7-year maturity) all appear to have worked to offset some of investor uncertainty surrounding the BoJ’s policy outlook and direction of longer-dated global bonds.
  • In early Tokyo afternoon trade, the cash 10-year JGB is around 2.0bps richer than lunch levels with the yield around 0.758%.
  • JGB futures are sharply higher, sitting at +21 compared to settlement levels.
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