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The Japanese MOF will today sell Y600bn of 40-Year JGB's re-opening JB#14. The MOF last sold 40-Year debt on September 28, the auction drew cover of 2.525x at a high yield of 0.770%, low price of 97.62, with 40.9523% of bids allotted at the high yield.
- Outright 40-Year yields hover around the midpoint of the YtD range. The 30-/40-Year yield spread also hovers around its own YtD midpoint, shaking off some flattening pressure that became apparent in October. This shouldn't present any impediments to demand.
- Meanwhile, press reports surrounding the issuance burden created by the impending fiscal stimulus package point to a relatively digestible uptick in issuance requirements, which shouldn't deter bidders ahead of today's supply.
- Results due at 0335GMT/1235JST.