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Relative Value & ASW Plays Likely Support 10-Year Auction Demand

JGBS

A solid 10-Year offering there as the tail narrows when compared to the previous auction and cover ratio moves to the highest level seen at a 10-Year auction since April. The low price also topped dealer estimates (~100.72) as proxied by the BBG dealer poll. Looks like the aforementioned relative value and ASW entries may have helped demand.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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