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The Japanese MOF will today sell Y2.5tn of 5-Year JGB's re-opening JB#147. The MOF last sold 5-Year debt on April 8, the auction drew cover of 4.547x at an average yield of -0.091%, average price of 100.48, high yield of -0.087%, low price of 100.46, with 77.7054% of bids allotted at the high yield.
- A lack of concession in the belly ahead of today's auction has pushed 5s towards the richer end of the recent range observed on the 2-/5-/10-Year fly.
- Meanwhile, 5-Year swap spreads have consolidated around the 0 mark in recent weeks.
- The above issues, in addition to the lower carry & roll proposition vs. the longer end of the curve, may limit overall demand, although the BoJ's ongoing purchases will continue to provide an underlying latent level of primary demand.
- Results due at 0435BST/1235JST.