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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y2.0tn of 2-Year JGB's
reopening #JB397.
- The MOF last sold 2-Year debt on January 31, the auction drew cover of 6.000x
at an average yield of -0.167%, average price of 100.537, high yield of -0.166%,
low price of 100.535, with 28.8273% of bids allotted at the high yield.
- 2-Year yields have stuck to a ~3bp range in the time since the most recent
auction, last operating at the top of that range at -0.151%.
- 2s look a little more attractive than 3s in ASW & Z-spread terms, while the
2s10s spread sits at the flattest levels since late 2016.
- 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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