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Market News Topics
October 15, 2018 23:50 GMT
PREVIEW: The Japanese MOF will today...>
JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y2.0tn of 5-Year JGB's,
representing the opening of #JB137.
- The MOF last sold 5-Year debt on September 13, the auction drew cover of
5.534x at an average yield of -0.071%, average price of 100.82, high yield of
-0.069%, low price of 100.81, with 10.5496% allotted at the high yield.
- The benchmark 5-Year yield has traded in a ~2.5bp range since the most recent
auction, last trading at -0.065%.
- Short covering requirements may support demand at today's auction, which may
be exacerbated by the lack of natural investors compared to the longer end of
the curve.
- 5-Year paper looks cheap vs. the nearby 3-Year sector in outright yield spread
terms, although the z-spread method is a little less compelling, but still
provides a slightly favourable valuation vs. 7s, the same holds true for ASW
terms.
- Results due at 0435BST/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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