June 2, 2020 / 7:11 AM / a month ago

JGBs fall as 10-year debt auction draws lukewarm demand

TOKYO, June 2 (Reuters) - Japanese government bond prices across most maturities edged down on Tuesday, taking cues from a 10-year debt auction which witnessed tepid demand.

Benchmark 10-year JGB futures rose 0.02 point to 152.19, with a trading volume of 17,713 lots, while the 10-year JGB yield stood flat at 0.005%.

At the shorter end of the yield curve, the five-year yield rose half a basis point to minus 0.130%, while the two-year JGB yield was unchanged at minus 0.170%.

The 20-year JGB yield inched up half a basis point to 0.355%, nearing its one-year high last seen in May 2019.

The 40-year JGB yield also rose half a basis point to 0.555%, while the 30-year JGB yield was flat at 0.515%.

The bid-to-cover ratio, a gauge of demand, at Tuesday’s 2.1 trillion yen ($19.49 billion) auction of 10-year debt dipped to 3.36 from 4.09 at the previous sale in May.

The auction’s tail, or the gap between the lowest and average prices, remained in line with the previous auction, widening slightly to 0.02 from 0.01. ($1 = 107.7700 yen) (Reporting by Eimi Yamamitsu; Editing by Aditya Soni)

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