PREVIEW: The Japanese MOF will today...>

JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y700bn of 30-Year JGB's,

representing the opening of #JB62. The MOF last sold 30-Year debt on March 07,

the auction drew cover of 4.561x at an average yield of 0.621%, average price of

101.97, high yield of 0.624%, low price of 101.90, with 4.7619% of bids allotted

at the high yield.

- 30-Year yields sit ~4.0bp off of their YtD low (last 0.530%), which coincided

with the lowest level observed since '16. Worries over the global econ & the

recent dovish pivots from a swathe of central banks supported major global bonds

in March, although strong data out of China & optimism re: U.S.-China trade

matters has allowed some retracement over the past few sessions. 30-Year JGBs

are seeing slight underperformance on the curve today. The aforementioned bout

of risk-off flows pressured the 5-/30-Year & 20-/30-Year yield spreads to the

lowest levels seen since '16 & '17 respectively, with both metrics sitting just

above their recent lows at writing. 30-Year JGBs trade around their recent

averages in Z-spread & ASW terms. The 20-/30-Year ASW spread trades around the

middle of its recent range. Results due at 0435BST/1235JST