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JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y2.1tn of 2-Year JGB's.
- The MOF last sold 2-Year debt on August 30, the auction drew cover of 5.262x
at an average yield of -0.112%, average price of 100.425, high yield of -0.112%,
low price of 100.425, with 93.8200% allotted at the high yield.
- The 20-Year yield has traded in a ~2.5bp range since the most recent auction,
last trading at -0.108%, roughly in the middle of its recent range.
- The sector looks slightly cheaper than the nearby 3-Year in z-spread and ASW
terms, although 3-Year paper offers a more attractive carry and roll
proposition. - The BOJ's JGB purchase plan for October, due later today, could
be key for the space, after the adjustments made for September to factor in
calendar effects & trimming of longer dated purchases (25+ Year paper) last
- Results due at 0435BST/1235JST.