MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Strong Demand Metrics For 30Y Supply

JGBS AUCTION
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

30-year supply sees strong demand metrics. The low price beat dealer expectations (which stood at 93.30 per the BBG poll) and the cover ratio increased to 3.591x from 3.245x in May. It is noteworthy that the auction tail also narrowed.

  • Like Tuesday's 10-year supply, today's outcome establishes a more optimistic tone ahead of next week’s BoJ monetary policy decision for a market that has experienced mounting pressure since mid-December, fueled by expectations of policy tightening from the BoJ.
  • The higher outright yield and steeper curve likely bolstered demand at today's auction.
  • JGB futures have gapped to session highs in the early rounds of afternoon trading and the 30-year JGB is dealing 3bps lower in post-auction trade.
116 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

30-year supply sees strong demand metrics. The low price beat dealer expectations (which stood at 93.30 per the BBG poll) and the cover ratio increased to 3.591x from 3.245x in May. It is noteworthy that the auction tail also narrowed.

  • Like Tuesday's 10-year supply, today's outcome establishes a more optimistic tone ahead of next week’s BoJ monetary policy decision for a market that has experienced mounting pressure since mid-December, fueled by expectations of policy tightening from the BoJ.
  • The higher outright yield and steeper curve likely bolstered demand at today's auction.
  • JGB futures have gapped to session highs in the early rounds of afternoon trading and the 30-year JGB is dealing 3bps lower in post-auction trade.