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The Japanese MOF will today sell Y3.0tn of 2-Year JGB's opening JB#430. The MOF last sold 2-Year debt on September 30, the auction drew cover of 4.244x at an average yield of -0.115%, average price of 100.242, high yield of -0.114%, low price of 100.240, with 77.0964% of bids allotted at the high yield.

  • 2-Year JGBs have seen some modest cheapening since mid-August, moving away from multi-month richest levels, although the yield on the benchmark has largely operated within the YtD timeframe over that horizon.
  • 2-Year swap spreads have retraced from recent wides since the previous 2-Year auction, but still remain some way off the recent tights.
  • The 2-/5-Year yield spread operates a little shy of the YtD steeps, but it may be a little early for flatteners in that structure to be set, owing to the ambiguity re: fiscal matters in the months ahead.
  • Results due at 0435BST/1235JST.