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Mixed Results For Today’s 2Y Supply

JGBS

The 2-year bond supply has demonstrated mixed demand metrics, as the low price failed to meet dealer expectations, which had been projected at 100.045, as per the BBG poll, but the cover ratio increased to 3.742x from 3.340x in December. It was the highest cover ratio for a 2-year auction since July last year. The auction tail was also shortened.

  • Considering that today's auction takes place amidst tepid demand indicators for January’s 5-year offering, the result is likely to be viewed as solid.
  • As highlighted in our auction preview, today's auction occurs amidst continuing bullish sentiment towards short-end global bonds.
  • Additionally, today’s result appears to indicate that the current outright yield adequately accounts for uncertainties surrounding the BoJ policy outcome.
  • There has so far been a slight positive reaction in the cash yield in post-auction trade. JGB futures have up ticked in early afternoon trading.
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