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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.
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Free AccessPREVIEW: The Japanese MOF will today...>
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y400bn of 40-Year JGB's
re-opening JB#12. The MOF last sold 40-Year debt on November 26 2019, the
auction drew cover of 3.502x at a high yield of 0.460%, low price of 101.44,
with 73.5926% of bids allotted at the high yield.
- Yields have backed away from recent cheaps, with the risk-off flows
surrounding Coronavirus supporting safe havens. Both 20-/40- & 30-/40-Year yield
spreads sit around the middle of their recent ranges. Benchmark 20s & 30s offer
a more attractive carry & roll prop than the line.
- Reports point to a lack of short covering requirement. The line should remain
excluded from the BoJ's Rinban ops, and there is always the risk that the BoJ
tapers its super-long purchases, pursuing a steeper yld curve, which would have
knock on effects for the line, despite its lack of inclusion in the ops.
- Indications (via LCH/JSCC 30-Year spd) suggest that foreigners have started to
enter receiver positions in longer dated swaps, which could support demand.
- Line's ASW spd sits closer to the top of its recent range, than the bottom.
- 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.