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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y2.0tn of 5-Year JGB's,
re-opening JB#137.
- The MOF last sold 5-Year debt on November 15, the auction drew cover of 3.888x
at an average yield of -0.087%, average price of 100.91, high yield of -0.087%,
low price of 100.91, with 68.1985% of bids allotted at the high yield.
- 5-Year benchmark JGB yields have operated in a ~6bp range in the time since
the most recent auction, and last operate just below the mid-point of that range
at -0.116%.
- 5s looks relatively attractive vs. 7s in Z-spread & ASW terms, although 7s
offer a much more attractive carry and roll proposition.
- 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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