30-year supply goes smoothly although less demand was seen. The low price beat dealer expectations (which stood at 100.00 per the BBG poll) but the cover ratio decreased to 2.972x from 3.591x in June. It is noteworthy that the auction tail also narrowed.

• Today’s result is similar to Tuesday's 10-year supply. That is, the low price beat expectations but with a lower cover ratio.
• The higher outright yield, steeper curve and cheapness on the 20-/30-/40-year butterfly likely bolstered demand at today's auction.
• JGB futures have gapped to session lows in the early rounds of afternoon trading but the 30-year JGB is dealing 1bp richer in post-auction trade.