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PREVIEW: Liquidity Enhancement Auction For OTR 15.5- to 39-Year JGBs Due


The Japanese Ministry of Finance (MOF) will today sell Y500bn of JGBs with 15.5-39 Years until maturity in a liquidity enhancement auction. JB#1-14, #29-75 & #165-181 will be on offer.

  • The previous enhanced liquidity auction covering these maturities was held on 25 October. The auction saw Y498.8bn issued and was covered 2.897x at an average spread of +0.060%, and a high spread of +0.067%, with 19.8770% of the bids allotted at the high spread.
  • Yesterday’s BoJ YCC tweak may limit the cover ratio, although the related uptick in yields should generate a baseline level of demand. Some monetary policy uncertainty and the post-BoJ 10-/30-Year curve flattening could also keep some sidelined. Risk of re-steepening if the upper limit of the BoJ’s YCC setting may also limit demand.
  • Results due at 0335GMT/1235JST.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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