July 17, 2019 / 4:10 AM / 5 months ago

JGBs rebound as 20-year sale draws demand

TOKYO, July 17 (Reuters) - Japanese government bond prices were mostly steady on Wednesday, rebounding from early modest losses after a 20-year debt auction attracted ample investor demand.

The five-year JGB yield was unchanged at minus 0.215%.

The 10-year yield was down half-a-basis point at minus 0.130% after rising to minus 0.120% earlier.

The 20-year yield was flat at 0.240%, having pulled back from 0.245%.

The bid-to-cover ratio, a gauge of demand, at Wednesday’s 900 billion yen ($8.32 billion) 20-year JGB auction rose to 4.89 from 4.08 at the previous sale last month.

Super-long JGBs such as the 20- and 30-year attract steady investor demand as they still offer positive yields compared with shorter maturities such as the 10-year, which has seen their yield stuck below zero percent through much of the past seven months.

JGB yields edge higher in early trade after U.S. Treasury yields rose overnight in the wake of stronger-than-expected U.S. retail sales data.

$1 = 108.1600 yen Reporting by the Tokyo markets team, Editing by Sherry Jacob-Phillips

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