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Solid Demand For 5-Year Auction


A well-received round of 5-Year JGB supply. The low price just about topped broader dealer estimates (which stood at 100.50 per the BBG dealer poll), while the cover ratio moved higher (4.42x vs. 6-auction average of 3.70x), likely supported by the relative value appeal and recent cheapening that we flagged ahead of the auction. The price tail remained very tight, showing some incremental narrowing.

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

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