MNI: RIKSBANK LEAVES KEY RATE UNCHANGED AT 3.75%

MNI BRIEF: China To Hold Key Third Plenum On July 15-18

MNI Brief: China Third Plenum To Deepen Reforms

MNI: PBOC Net Injects CNY80 Bln Via OMO Thurs; Rates Unchanged

CHINA PBOC CONDUCTS CNY100 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1270 Thurs; -0.78% Y/Y

External Demand An Upside Risk to Riksbank Rate Path

BOE Financial Stability Report due at 10:30BST

Modest SEK Weakening Post Riksbank; High Chance Of August Cut

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PREVIEW - 30-Year JGB Auction Due

JGBS AUCTION

The Japanese Ministry of Finance (MOF) will today sell Y900bn of 30-Year JGBs, re-opening JB#78. The MOF last sold 30-year debt on 11 May 2023, the auction drew cover of 3.489x at an average yield of 1.252%, an average price of 103.20, a high yield of 1.257%, a low price of 103.10, with 79.9768% of bids allotted at the high yield.

  • Today’s 30-year supply comes after the previous auction exhibited a cover ratio at the highest level observed at a 30-year auction since January 2022.
  • The cheapening of the belly in the 20-/30-/40-year butterfly over the past month should provide added support at today's auction. The takedown at the previous auction appeared to benefit from a cheapening of the belly. However, it is worth noting that the 30-year bond remains expensive on a longer-term horizon.
  • Furthermore, today's auction is anticipated to generate demand at least on par with last month’s outing given the similarity of the outright yield and a slightly steeper yield curve.
  • Additionally, auction demand today is likely to be bolstered by recent downside surprises in inflation data and the capital reallocation trend by local investors from foreign markets towards the longer end of the JGB curve during the current fiscal year.
  • Results are due at 0435 BST/1235 JST.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.