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PREVIEW: 5-Year JGB Supply Due

JGBS AUCTION

The Japanese MOF will today sell 2.5tn of 5-Year JGBs, re-opening JB#154. The MOF last sold 5-Year debt on 14 October, the auction drew cover of 3.993x at an average yield of 0.081%, average price of 100.09, high yield of 0.083%, low price of 100.08, with 21.5292% of bids allotted at the high yield.

Outright yield levels are incrementally below prevailing levels witnessed at last month’s auction, which should result in a solid baseline level of demand, with participants set to attempt to put excess cash to work.
The 2-/5-Year curve has moved off cycle steeps, but current curve levels will likely provide a further source of demand given the BoJ’s on-hold mantra.
Results due at 0335GMT/1235JST.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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