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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y2.1tn of 10-Year JGB's
opening JB#357. The MOF last sold 10-Year debt on December 3, the auction drew
cover of 3.283x at an average yield of -0.042%, average price of 101.40, high
yield of -0.026%, low price of 101.24, with 95.7891% of bids allotted at the
high yield.
- 10-Year yields sit at -0.009%,, only a handful of bp off the recent range high
and back in the middle of the BoJ's permitted trading band, as Monday's bid from
the worry surrounding Iran fades.
- The 5-/10-/20-Year butterfly sits in the upper end of its recent range.
- The 10-Year ASW spread sits in the middle of its recent range (3-month
horizon).
- Current 10s offer the highest carry & roll proposition across the curve (in
terms of the available benchmark bonds).
- 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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