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Free AccessPREVIEW: The Japanese MOF will today...>
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y400bn of 40-Year JGB's,
representing the final re-opening of JB#11. The MOF last sold 40-Year debt on
January 29 2019, the auction drew cover of 3.786x at a high yield of 0.740%, low
price of 102.04, with 10.2272% of bids allotted at the high yield. 40-Year
benchmark JGB yields have operated in a ~20bp range in the time since the most
recent auction, with dovish pivots from a swathe of central banks & worry
surrounding the health of the global economy driving demand for G10 paper.
40-Year yields trade ~3.0bp off the recent cycle low (which coincided with the
lowest levels observed since '16). FY-end "window dressing" has likely added a
further layer of demand to the recent bid for long-end JGBs. Daiwa suggest that
short covering demand may provide support at today's auction.
- Looking at the shape of the JGB curve, the 30-/40-Year spread sits around the
flattest levels observed since 2016, with the same holding true for the
5-/40-Year spread.
- The line holds little in the way of appeal on either ASW or Z-spread terms.
- Results due at 0335GMT/1235JST.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.