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Slightly Stronger Demand At Liquidity Enhancement Auction For OTR 15.5-39.9-Year JGBs

JGBS AUCTION

The most recent liquidity enhancement auction for off-the-run 15.5-39.9-Year bonds displayed a slightly heightened level of demand in comparison to the previous auction held on June 13. Today's cover ratio stands at 2.906x, an improvement over the previous 2.873x. This contrasts sharply with the scenario witnessed earlier in the week during the LEP for off-the-run 5-15.5-year bonds, which showed a decrease in demand.

  • Furthermore, the average and highest spreads observed during the auction were notably lower at -0.038% and -0.031%, respectively, in contrast to the preceding auction's figures of -0.019% and -0.017%.
  • In contrast to the earlier LEP this week, the cheapening within the 15.5-39.9-year maturity bucket since the June 13 auction has contributed to sustaining demand for bonds during this current round, as opposed to the preceding instance. It's worth noting that the June auction occurred before the Bank of Japan's recent adjustment to yield curve control.
  • JGB futures are slightly stronger in early afternoon trade.
  • Cash JGBs in the 15-40-year zone are slightly richer in post-auction trade.
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