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Soft Pricing At 5-Year Auction Adds Some Weight


Not the firmest round of 5-Year JGB supply, at least on the pricing side, with the average price printing in line with broader expectations for the low price (per the BBG dealer poll). The cover ratio was a touch firmer than expected, while the price tail saw an incremental widening. The soft pricing of the auction and uptick in the domestic equity indices (TOPIX last +~3.0%) is applying some pressure to futures, which have pushed below their overnight/morning lows to last sit -18 on the day. 5-Year JGB yields haven't shown much of a reaction to the auction.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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