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PREVIEW: The Japanese MOF will today...>

JGBS AUCTION
JGBS AUCTION: PREVIEW: The Japanese MOF will today sell Y200bn of 10-Year JGBis
opening JBI#25. The MOF last sold 10-Year JGBis on February 12, the auction drew
cover of 3.754x at a high yield of -0.150%, low price of 102.39, with 8.4317% of
bids allotted at the high yield.
- 10-Year breakevens are off recent lows, but still trade at suppressed levels.
- The deflationary impulses from COVID-19 and crude price dynamics have weighed
on break evens and may limit demand at auction, although the smaller issuance
size (prev. Y400bn) is supportive.
- 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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