Free Trial

Primary Trend Remains Down


Larger FX Option Pipeline


SONIA Plays Pre-BoE


BLOCK, March Put Spd


Nomura Still Gunning For 75bp Hikes

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y1.0tn of 20-Year JGB's,
representing the opening of #JB166.
- The MOF last sold 20-Year debt on September 20, the auction drew cover of
4.032x at an average yield of 0.618%, average price of 97.91, high yield of
0.622%, low price of 97.85, with 13.0174% allotted at the high yield.
- The benchmark 20-Year yield has traded in a ~7.5bp range since the most recent
auction, last trading at 0.681%, ~2.0bp off the recent high.
- There will be continued interest in the sector after the BOJ trimmed the size
of its purchases of the 25+ Year JGBs back in Sep, culminating in it lowering
the upper & lower bounds for the size of its purchases in longer dated paper for
Oct, although most expect the Bank to leave the size of its 10-25 Year JGB
operations unch. for now (unless supply-demand conditions drastically alter).
- There appears to be short covering requirements in the sector, with relatively
attractive carry & roll adding an additional layer of support. That being said
the sector looks expensive vs. longer dated lines, on both z-spread & ASW terms.
- Results due at 0435BST/1235JST.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.