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

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#1-28, #99-164 & #349-367 will be on offer.

  • The previous liquidity enhancement auction covering these maturities was held on October 6. The auction was covered 6.391x at an average spread of +0.001%, a high spread of +0.003% was registered, with 23.8297% of the bids allotted at the high spread.
  • The BoJ’s commitment to ultra-loose policy settings and Thursday’s softer than expected U.S. CPI print should support demand at today’s auction.
  • Expect the usual “bunching” of demand. Last month’s auction saw JB#353 & JB#364 dominate takedown, with Y123.0bn & Y125.4bn of the lines issued, respectively.
  • Results due at 0335GMT/1235JST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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