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(H2) Consolidation Mode

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Today’s 10-Year JGB auction saw the cover ratio hold steady (virtually in line with the 6-auction average of 3.127), while the low price printed a touch above the broader expectations evident ahead of the auction (the BBG dealer poll pointed to a low price of 100.35) as the tail width narrowed when compared to the previous auction. Overall, the passage of supply was smooth, even in the wake of the limited outright richening witnessed since the previous auction. There has been nothing in the way of immediate reaction in 10-Year JGB yields, nor in JGB futures.