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The Japanese MOF will today sell Y2.6tn of 10-Year JGB's re-opening JB#361. The MOF last sold 10-Year debt on January 6, the auction drew cover of 3.404x at an average yield of 0.019%, average price of 100.80, high yield of 0.022%, low price of 100.77, with 32.9842% of bids allotted at the high yield.
- While the recent outright cheapening presents a more attractive entry point (10-Year yields have tapped multi-year highs in recent days), the reason behind the cheapening (speculation re: the potential for the BoJ to adopt a wider permitted 10-Year JGB yield trading band in its monetary policy review) may deter participants from aggressive bidding at today's auction.
- The 5-/10-/20-Year JGB butterfly sits in the middle of its recent range, with the 5-/10-Year and 10-/20-Year yield spreads printing their respective multi-month and multi-year highs in recent sessions, aided by the aforementioned speculation surrounding BoJ matters.
- 10s provide the most attractive carry & roll proposition on the curve at present, although the aforementioned caution may at least partially negate this.
- Results due at 0335GMT/1235JST.