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PREVIEW: 5-Year Supply Due

JGBS AUCTION

The Japanese MOF will today sell Y2.5tn of 5-Year JGB's opening JB#148. The MOF last sold 5-Year debt on June 22, the auction drew cover of 3.790x at an average yield of -0.097%, average price of 100.49, high yield of -0.091%, low price of 100.46, with 13.5078% of bids allotted at the high yield.

  • The 2-/5-/10-Year butterfly hovers within the confines of the recent range, pointing to a lack of relative valuation hurdles, although there is a lack of appeal on the same front. More broadly, the negative carry & roll of 5s (although less of an issue than for 2s), coupled with the fact that 5s sit at the richer end of their recent outrgith yield range, may provide some headwinds for demand.
  • Results due at 0435BST/1235JST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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