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Pricing Metrics Poor In Latest 20-Year JJGB Auction

JGBS

A soft reception for the latest round of 20-Year JGB supply sees the low price, and indeed the average price, miss wider dealer expectations (which stood at 100.20, per the BBG dealer poll), with the cover ratio nudging further below the 6-auction average.

  • A combination of spill over from the core global FI price action during the Tokyo lunch break and the weak auction details applied pressure to JGB futures in early afternoon trade, although the overnight lows were not tested on the move, with the contract last -21 after recovering some of the knee-jerk loss. Meanwhile, cash 20s have cheapened further, both outright and on the curve, to sit 3.5bp cheaper on the day.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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