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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#412. The MOF last sold 2-Year debt on March 31, the auction drew
cover of 4.284x at an average yield of -0.125%, average price of 100.452, high
yield of -0.112%, low price of 100.425, with 25.3830% of bids allotted at the
high yield.
- Outright 2-Year yields hold near the cheaper end of the YtD range, and may
draw some support from FX hedged yield pickups from abroad.
- The 2-/5-Year yield spread hovers around the 0 mark, towards the lower end of
its YtD range.
- Results due at 0435BST/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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