PREVIEW: The Japanese MOF will today...>

JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y400bn of 10-Year JGBi's

re-opening JB#24. The MOF last sold 10-Year JGBi's on May 10, the auction drew

cover of 3.718x at a high yield of -0.266% and low price of 103.70, with

94.4029% of bids allotted at the high yield.

- 10-Year BEI's sit around historical lows if we look at the period since the

Ministry of Finance remodelled and resumed JGBi issuance (October 2013) as Japan

continues to wrestle with the inflationary headwinds that have blighted the

country for an extended period of time. That being said, we haven't seen any

really unfavourable performance in JGBIs recently. However, The current backdrop

of economic headwinds from across the globe may weigh on demand at today's

auction.

- Results due at 0435BST/1235JST