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JGBS AUCTION

Japanese MOF sells Y3.4981tn 3-Month Bills:

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  • Local & USD rates trade little changed around the open today, having gained across the curve in yesterday's session.
  • 10y yields retested the 8.50 handle, but failed to close below the level, while 2y yields failed to establish a new high – falling below 8.80.
  • W/w the curve remains bear flatter at the front end amid geopolitical tensions and a weaker RUB driving up rate hike expectations for December.
  • Weekly CPI also remained robust yesterday, printing at 0.2% vs 0.18% prior – adding to hawkish inputs in the CBR's reaction function.
  • 2-7Y yields stand +30-38bp higher w/w, while 3x6 FRA-Mosprime spreads remain around the +160bp mark.
  • OFZ Curve w/w