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The Japanese Ministry of Finance.......>

JGBS AUCTION
JGBS AUCTION: The Japanese Ministry of Finance will today auction Y550bln of
5-15.5 Year JGB's in an enhanced liquidity auction.
- The previous enhanced liquidity auction in this maturity was held on January
22. The auction was covered 3.336x at an average spread of -0.008%, and a high
spread of -0.005% with 59.9659% bids allotted at the high yield.
- The largest takedowns at the previous auction were in the 10-Year sector:
10-Year #329 for 219.9bln & 10-Year #330 for Y126.7bln, while the largest
20-Year sector takedown came in issue #145 totaling Y26.7bln and the largest
takedown in the 30-Year sector came in issue #4 totaling Y54.0bln.
- The previous auction was well received given that the BoJ "stealth-tapering"
chatter was still doing the rounds, some would have used the opportunity to buy
the lines at a lower price to sell back to the BoJ. Barclays expect today's
supply to be absorbed smoothly.
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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