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Free AccessWeak Demand Seen At 2-Year JGB Auction, Lowest Cover Since 2010
The 2-year supply has witnessed weak demand, with the low price failing to meet dealer expectations, which had been projected at 99.98, according to the BBG poll.
- Moreover, the cover ratio has decreased to 3.206x compared to 3.950x recorded in last month's auction. Moreover, the cover ratio observed today was the lowest for a 2-year auction since 2010.
- It is noteworthy that today’s 2-year JGB auction today is the first 2-year supply since the BoJ's decision to tweak yield curve control (YCC).
- Accordingly, today’s result is not entirely surprising, even though the 2-year yield on offer was the highest since January’s 2-year offering. The 5-year JGB auction in August also saw lacklustre demand.
- The 2-year JGB is 0.6bp higher at +0.009% in post-auction trade, with JGB futures little changed.
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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.