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Free AccessPREVIEW: The Japanese MOF will today...>
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y900bn of 20-Year JGB's
opening JB#171. The MOF last sold 20-Year debt on December 17, the auction drew
cover of 4.105x at an avg. yield of 0.286%, avg. price of 100.25, high yield of
0.289%, low price of 100.20, with 30.5611% of bids allotted at the high yield.
- 20-Year JGB yields have operated in an ~8.0bp range in the time since the Dec
auction, driven by global risk matters, namely tensions in the Middle East &
Sino-U.S. trade matters, last yielding 0.306%, ~2.0bp off range highs. Several
desks have pointed to a lack of short covering demand, although growing focus on
FY end portfolio flows could support demand over the next couple of months.
- The 10-/20-/30-Year JGB fly sits around the highest levels seen since 2018.
20s provide a slightly less attractive carry & roll prop. Vs. 10s, but are more
attractive than 30s on this basis. JGBs also have a broader investor base than
their longer dated counterparts, which could be magnified by the BoJ's desire
for a steeper curve, which has the potential to shift focal points for those
looking for duration exposure. That being said, the BoJ's want for a steeper
curve may provide a limit re: overall bidding. Results due at 0335GMT/1235JST
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.