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Subdued Demand At Latest Liquidity Enhancement Auction

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A still subdued cover ratio at the latest liquidity enhancement auction covering off-the-run 15.5- to 39-Year JGBs, although spreads narrowed vs. the wide levels seen at previous auction. A reminder that we suggested that “yesterday’s BoJ YCC tweak may limit the cover ratio, although the related uptick in yields should generate a baseline level of demand. Some monetary policy uncertainty and the post-BoJ 10-/30-Year curve flattening could also keep some sidelined. Risk of re-steepening if the upper limit of the BoJ’s YCC setting may also limit demand.” This seemed to ring true.

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A still subdued cover ratio at the latest liquidity enhancement auction covering off-the-run 15.5- to 39-Year JGBs, although spreads narrowed vs. the wide levels seen at previous auction. A reminder that we suggested that “yesterday’s BoJ YCC tweak may limit the cover ratio, although the related uptick in yields should generate a baseline level of demand. Some monetary policy uncertainty and the post-BoJ 10-/30-Year curve flattening could also keep some sidelined. Risk of re-steepening if the upper limit of the BoJ’s YCC setting may also limit demand.” This seemed to ring true.