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20-Year Auction Preview

TAIWAN

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.