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Smooth 5-Year Supply

JGBS

Today’s auction of 5-Year JGBs went well, with the low price topping wider dealer expectations (which stood at 99.810, proxied by the BBG dealer poll). The price tail narrowed slightly while the cover ratio improved to 3.79x from the previous auction’s 3.40x, rising above the six-auction average of 3.46x.

  • As flagged in our preview, outright value factored into demand, with 5-Year JGB yields operating around the highest levels observed since the challenge of the BoJ’s YCC settings in mid-June, while the carry and roll of 5s vs. surrounding paper provided another positive factor for demand.
  • The relative value of 5s also likely aided the absorption of the auction, with the belly of the 2-/5-/10-Year butterfly operating around the cheapest levels seen since the mid-June challenge of the BoJ’s YCC settings.
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