MNI China Daily Summary: Wednesday, December 11

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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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JGBS AUCTION: PREVIEW - 20-Year JGB Auction Due

JGBS AUCTION

The Japanese Ministry of Finance (MoF) will today sell Y1.0tn of 20-Year JGBs. The MoF last sold 20-year debt on 20 August 2024, the auction drew cover of 3.4223x at an average yield of 1.706%, an average price of 102.87, a high yield of 1.717%, a low price of 102.70, with 27.6008% of bids allotted at the high yield.

  • Today's issuance of 20-year JGBs follows a smooth auction last month, when the low price met dealer expectations. However, the cover ratio declined to 3.4223x from 3.8016x and the auction tail lengthened.
  • Today's auction also follows solid, though not exceptional, results from September's 10-year and 30-year JGB auctions.
  • The current auction offers an outright yield and a 10/20 yield curve that are around the same levels as August’s outing. However, the 20-year JGB is richer relative to the 10/20/30 butterfly than at August’s auction.
  • It is also noteworthy that today's auction takes place amid more optimistic sentiment towards long-term global bonds.
  • Against this backdrop, it will be intriguing to observe whether today’s supply can re-establish a positive tone for JGB auctions.
  • Results are due at 0435 BST / 1235 JST.
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

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