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The Japanese MOF will today sell Y2.5tn of 5-Year JGB's, re-opening JB#149. The MOF last sold 5-Year debt on November 16, the auction drew cover of 4.537x at an average yield of -0.077%, average price of 100.40, high yield of -0.075%, low price of 100.39, with 39.9856% of bids allotted at the high yield.
- The cheapening away from last week’s multi-month richest levels for 5s will aid takedown, with omicron worry receding a little in recent sessions.
- 5s don’t offer much in terms of value on the 2-/5-/10-Year butterfly, although those looking for a 5-/10-Year steepening impulse could use the auction to build the long leg of that trade.
- 5-Year swap spreads operate within the recently observed range, just about in the top half of the range that has been witnessed for most of ’21.
- Results due at 0335GMT/1235JST.