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Free AccessThe Japanese Ministry of Finance.......>
JGBS AUCTION: The Japanese Ministry of Finance (MOF) will today sell Y2.3tln of
0.10% 10-Year bonds, the second reopening of issue #347. The size and coupon are
unchanged from the previous auction.
- At the last sale of these securities the issue drew an average yield of 0.079%
at 100.20, a high yield of 0.080% at 100.19, covered 4.77x.
- The issue currently yields 0.073% in the secondary market, down 0.2bp today.
- Sources note the auction is expected to be smoothly absorbed as
short-covering is expected, especially on the back of selling yesterday.
- The BoJ have repeatedly affirmed their commitment to YCC and their actions
earlier in July indicate that the yield ceiling is around 0.10%. Therefore the
risk of loss in limited in the sector.
- Bank of America note that "Amid low volatility, demand has been concentrated
in the 15yr-20yr sector, where carry and rolldown is favorable and the BoJ's
purchasing operations are solid. As a result, this sector is rich on the curve,
but the 10yr sector is close to neutral."
- Results due at 0445BST/1245JST.
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.