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JGBS AUCTION: The Japanese Ministry of Finance (MOF) will today auction Y2.3tln
0.1% 10-Year Sep 20 2027 JGB's.
- The MOF last sold 10-Year bonds on October 3, the auction drew an average
yield of 0.077%, covered 4.084x.
- Barclays Said: "We expect the 10y auction (JB348) to clear smoothly assuming
yields near current levels (WI close on 31 October: 0.065%). Current yield
levels are largely unchanged from the average at the previous auction (0.077%),
suggesting that valuations are not particularly rich and that a collapse is
unlikely. Assuming the lower house election results strengthened the possibility
of current monetary policy remaining intact for longer, we believe yield levels
around 6-7bp should spur a certain level of short-covering and other demand.
However, any downside for yields may be limited given ongoing headwinds in the
external environment (eg, strength in Japanese equities) and the major events
lined up for the remainder of the week."
- Results due at 0345BST/1245JST, auction results for Y4.4tln 3-Month bills due