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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.
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Free AccessPREVIEW: 30-Year JGB Supply Due
The Japanese MOF will today sell Y900bn of 30-Year JGBs re-opening JB#75. The MOF last sold 30-Year debt on Jul 7, the auction drew cover of 3.245x at an average yield of 1.234%, average price of 101.43, high yield of 1.240%, low price of 101.30, with 19.3059% of bids allotted at the high yield.
- The recent stabilisation away from cycle cheaps, aided by wider recession worry in Europe & the U.S. and the BoJ’s ability to protect the upper limit of its permitted 10-Year JGB yield trading band, is a positive for the supply on one hand, although the degree of the move away from cycle cheaps (20bp) may limit takedown from being quite as strong as it could be.
- 30s aren’t particularly compelling on the likes of the 20-/30-/40-Year butterfly, which operates around the middle of the YtD range. Meanwhile, the 10-/30- & 20/30-Year curves remain steep, although 10s and 20s provide a much more compelling carry and roll proposition, prenting a bit of a murky RV proposition.
- The recent re-shoring of Japanese capital, which was seemingly led by life insurers and pension funds amid the move higher in bond market volatility and elevated FX-hedging costs, bodes well for today’s auction, especially given domestic life insurer interest in building longer dated JGB holdings (as expressed in their semi-annual investment intention interviews).
- The recent unwind of JGB futures basis will help with smooth takedown.
- Results due at 0435BST/1235JST.
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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.