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PREVIEW: Outright & Relative Demand Eyed At 30-Year Auction

JGBS AUCTION

The Japanese MOF will today sell Y900bn of 30-Year JGB's re-opening JB#68. The MOF last sold 30-Year debt on October 6, the auction drew cover of 3.515x at an average yield of 0.638%, average price of 99.04, high yield of 0.643%, low price of 98.90, with 36.1111% of bids allotted at the high yield.

  • Outright 30-Year yields are hovering around their early July highs, and have consolidated above 0.60% in recent weeks, which should generate some demand, although participants will remain wary of the risks surrounding further positive COVID-19 developments and local fiscal matters. Some desks have argued that any worry surrounding the latter may prove to be misplaced.
  • 10-/30-Year and 20/30-Year yield spreads are running at the steepest levels in over a year, which may add a relative value dimension to demand at the auction.
  • 30-Year swap spreads remain at historically suppressed levels.
  • It is worth flagging that the next couple of weeks will bring 20- & 40-Year JGB auctions.
  • Results due at 0335GMT/1235JST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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