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Solid Results For Today’s 2Y Supply

JGBS

The 2-year bond supply has demonstrated solid demand metrics, as the low price met dealer expectations, which had been projected at 99.955, as per the BBG poll, and the cover ratio increased to 3.777x from 3.481x in April. The auction tail was unchanged from last month.

  • With today's auction occurring at an outright yield at its highest level since 2009, the current 2-year yield has been sufficient to generate demand in the face of uncertainty surrounding the outlook for BoJ policy.
  • It is also important to acknowledge that today’s result reverses the trend of poor auctions in May.
  • The cash yield is around 0.5bp richer in post-auction trade.
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