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PREVIEW: 2-Year Supply Due

JGBS AUCTION

The Japanese MOF will today sell Y3.0tn of 2-Year JGB's opening JB#424. The MOF last sold 2-Year debt on March 30, the auction drew cover of 3.624x at an average yield of -0.126%, average price of 100.263, high yield of -0.119%, low price of 100.250, with 21.9279% of bids allotted at the high yield.

  • This auction is expected to pass smoothly, as has been the recent trend, with the BoJ's low for long policy continuing to support the shorter end of the curve.
  • Outright 2-Year yields sit around the middle of the range witnessed since April of last year, with the same holding true for the 2-/5-Year spread.
  • 2-Year swap spreads have retraced from the late '20/early '21 tights, and once again hover around the middle of the range witnessed since April of last year.
  • Results due at 0435BST/1235JST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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