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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.
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Free Access20-Year Auction Preview
The Taiwanese MOF will today auction TWD 35bln of 20-year bonds, results are due after 0430GMT/1230CST
- The NTA last sold 20-year bonds on December 24, the auction fetched a record low yield of 0.45% (highest accepted), the weighted yield was 0.383%.
- The auction was poorly received and saw 10-year yields jump around 4.5bps to hit 0.32%. 10-year yield is last around 0.26%. Taiwan has been fighting a battle with lower yields, CBRC Governor Yang has said previously he hopes yields do not fall to zero. There was even speculation the central bank were using CD's to reduce liquidity and support yields.
- Demand could suffer at today's auction, with yields trending lower. CBRC Gov Yang has cautioned in the past that negative yields could hurt the profitability of banks and insurers, who collectively own around 72% of Taiwan government paper.
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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.