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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y1.9tn of 5-Year JGB's
re-opening JB#140.
- The MOF last sold 5-Year debt on August 15, the auction drew cover of 4.677x
at an average yield of -0.314%, average price of 102.04, high yield of -0.310%,
low price of 102.02, with 37.9896% of bids allotted at the high yield.
- Outright yields have edged away from recent lows in the past few sessions, to
last deal at -0.304%, 6bp or so back from the aforementioned trough. There has
been some light concession in the belly observed ahead of the auction, although
the recent move in the longer end of the curve is much more impressive. It was
triggered by the Nikkei's well documented interview with BoJ Gov. Kuroda, which
was released last Friday.
- The 2-/5-/10-Year yield fly sits around the middle of its recent range.
- Results due at 0435BST/1235JST.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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