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JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y900bn of 20-Year JGB's
re-opening JB#168. The MOF last sold 20-Year debt on May 22, the auction drew
cover of 5.466x at an average yield of 0.359%, average price of 100.75, high
yield of 0.362%, low price of 100.70, with 23.4032% of bids allotted at the high
yield. The auction garnered the highest cover ratio on record for this
particular tenor, although yields were 15bp or so higher than they are at
writing at the time of supply. 20-Year yields sit 5bp or so off of the recent
cycle low, last printing at 0.214% after registering the lowest levels observed
since mid-2016 earlier this month on the back of the dovish pivots from several
of the world's major central banks. The BoJ has refrained from tweaking its
Rinban purchases in its most recent offerings. The 10-/20-/30-Year JGB fly
trades ~6.0bp off the recent lows, but well within its recent range. 20-Year
JGBs offer the highest carry & roll down on the curve at present. 20-Year ASW
spreads operate towards the lower end of their 3-month range, while the
20-/30-Year ASW spread diff. operates near the mid-point of its recent range.
- Results due at 0435BST/1235JST