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Free AccessSupply Provided The Highlight
The latest round of 5-Year JGB supply wasn't the firmest, 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 prev., 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%) applied some pressure to futures, which pushed below their overnight/morning lows before regaining some composure, last -15 on the day.
- 5-Year JGB yields haven't shown much of a reaction to the auction, with some modest underperformance in the belly of the curve seen on the day (5- to 10-Year paper is ~0.5bp cheaper on the day).
- There were no other notable catalysts evident during Tokyo trade.
- Flash PMI data and the latest round of BoJ Rinban ops headline locally on Wednesday.
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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.