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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y400bn of 40-Year JGB's
opening #JB12. The MOF last sold 40-Year debt on March 26, the auction drew
cover of 3.503x at a high yield of 0.610%, low price of 106.58, with 8.9655% of
bids allotted at the high yield.
- The most recent round of 40-Year supply was deemed slightly disappointing,
although it still passed relatively smoothly.
- Outright 40-Year yields sit around ~1.5bp off their recent cycle low, last at
0.534%.
- Looking at the current 40-Year benchmark JGB, it offers the least attractive
carry and rolldown of JGBs with 30+ Years until maturity, but also holds the
"least negative" ASW spread
- 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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