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Soft 30-Year Supply Seen

JGBS

A soft round of 30-Year JGB supply sees the low price miss wider expectations (which stood at 103.90), with the width of the tail widening a touch and cover ratio moving to the lowest level observed at a 30-Year JGB auction since October ’21. It would seem that the degree of the move away from cycle cheaps provided enough of a reason for the lifer & pension community to stay on the sidelines. 30s see some incremental cheapening post-auction, while JGB futures move a couple of ticks lower.

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A soft round of 30-Year JGB supply sees the low price miss wider expectations (which stood at 103.90), with the width of the tail widening a touch and cover ratio moving to the lowest level observed at a 30-Year JGB auction since October ’21. It would seem that the degree of the move away from cycle cheaps provided enough of a reason for the lifer & pension community to stay on the sidelines. 30s see some incremental cheapening post-auction, while JGB futures move a couple of ticks lower.