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PREVIEW: Liquidity Enhancement Auction For OTR 5-15.5-Year JGBs

JGBS AUCTION

The Japanese Ministry of Finance (MOF) will today sell Y500bn of JGBs with 5-15.5 years until maturity in a liquidity enhancement auction. JB#1-29, #102-166 & #351-369 will be on offer.

  • The previous liquidity enhancement auction covering these maturities was held on 18 April 2023. The auction was covered 4.760x at an average spread of -0.012%, a high spread of -0.009% was registered, with 25.6892% of the bids allotted at the high spread.
  • Last month’s offering saw solid demand, with the cheapening in the time between March and April auctions providing a more enticing level for outright longs or to cover existing shorts. The cover ratio hit the highest level seen since December’s 5-15.5 years liquidity enhancement offering.
  • While this event provides a liquidity accessing opportunity, and therefore will likely generate at least a baseline level of demand, the richening across lines since the April 18 auction could see demand for paper in those area of the curve wane a little.
  • Results are due at 0435 BST/1235 JST.
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