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Soft Pricing At 30-Year JGB Supply

JGBS

The latest 30-Year JGB auction was soft on the pricing side, with the low price softer than wider expectations (99.40 vs. the BBG dealer median of 99.60), while the price tail widened vs. the previous round of 30-Year JGB supply. Elsewhere, the cover ratio was little changed vs. the previous round of 30-Year JGB supply, holding below the 6-auction average of 3.32x. Ongoing market vol. & the risk of fresh offshore FI-led cheapening is seemingly keeping some prospective bidders sidelined at present. 30+-Year paper has cheapened in early afternoon dealing, and is now incrementally softer on the day after outperforming during the Tokyo morning, while JGB futures are little changed vs. late morning levels post-auction.

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The latest 30-Year JGB auction was soft on the pricing side, with the low price softer than wider expectations (99.40 vs. the BBG dealer median of 99.60), while the price tail widened vs. the previous round of 30-Year JGB supply. Elsewhere, the cover ratio was little changed vs. the previous round of 30-Year JGB supply, holding below the 6-auction average of 3.32x. Ongoing market vol. & the risk of fresh offshore FI-led cheapening is seemingly keeping some prospective bidders sidelined at present. 30+-Year paper has cheapened in early afternoon dealing, and is now incrementally softer on the day after outperforming during the Tokyo morning, while JGB futures are little changed vs. late morning levels post-auction.