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PREVIEW - 10-Year JGB Auction Due

JGBS AUCTION
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The Japanese Ministry of Finance (MoF) will today sell Y2.6tn of 10-Year JGBs. The MoF last sold 10-year debt on 6 August 2024. That auction drew cover of 2.975x at an average yield of 0.926%, an average price of 101.57, a high yield of 0.981%, a low price of 101.07, with 21.37% of bids allotted at the high yield.

  • Last month's auction came at the height of the global risk off, as global recession fears rose following weaker US payrolls data.
  • Sentiment is much calmer in terms of the current backdrop. Indeed this morning the 10yr JGB yield has pressed to fresh highs back to August 6 (above 0.92%).
  • Broader fixed income trends have been softer in recent sessions amid resilient US data, heavier supply in the EU and a hawkish ECB sources piece.
  • Even with the August risk off, last month's 10yr auction saw a lower bid to cover ratio of 2.975 compared to the previous auction of 3.23. The recent high in the bid to cover ratio was back in June.
  • The tail for the August auction also exploded to 0.5 from 0.02 in July.
  • Results are due at 0435 BST / 1235 JST.
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The Japanese Ministry of Finance (MoF) will today sell Y2.6tn of 10-Year JGBs. The MoF last sold 10-year debt on 6 August 2024. That auction drew cover of 2.975x at an average yield of 0.926%, an average price of 101.57, a high yield of 0.981%, a low price of 101.07, with 21.37% of bids allotted at the high yield.

  • Last month's auction came at the height of the global risk off, as global recession fears rose following weaker US payrolls data.
  • Sentiment is much calmer in terms of the current backdrop. Indeed this morning the 10yr JGB yield has pressed to fresh highs back to August 6 (above 0.92%).
  • Broader fixed income trends have been softer in recent sessions amid resilient US data, heavier supply in the EU and a hawkish ECB sources piece.
  • Even with the August risk off, last month's 10yr auction saw a lower bid to cover ratio of 2.975 compared to the previous auction of 3.23. The recent high in the bid to cover ratio was back in June.
  • The tail for the August auction also exploded to 0.5 from 0.02 in July.
  • Results are due at 0435 BST / 1235 JST.