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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y2.0tn of 2-Year JGB's
opening JB#409. The MOF last sold 2-Year debt on December 24, the auction drew
cover of 4.688x at an average yield of -0.098%, average price of 100.395, high
yield of -0.095%, low price of 100.390, with 52.9179% of bids allotted at the
high yield.
- 2-Year yields sit around the middle of the range observed since the most
recent auction of this tenor, with the 2-/5-Year yield spread back from recent
steeps. Coronavirus matters have largely driven prices of global assets in
recent sessions.
- The BoJ's preference for a steeper curve presents little in the way of risk
re: near-term reductions to its Rinban purchases in the shorter end of the
curve, which should provide at least some underlying demand.
- The 2-Year ASW spread sits just off recent highs.
- Results due at 0335GMT/1235JST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income Bullets

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