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

JGBS AUCTION: The Japanese Ministry of Finance will today sell Y1.0tln of 0.60%
December 20 2037 bonds, a reopening of issue #163. 
- The MOF last sold 20-Year debt on January 25, the sale drew an average yield
of 0.592% at 100.14, a high yield of 0.594% at 100.10 with 55.9271% of bids
allotted at the high yield, the sale was covered 4.166x. 
- 20-Year yields have edged lower since the last auction, and currently sit
around 4bp off the YtD high of 61bp that came about on the back of the BoJ
"taper fears" back in early January. 
- Barclays believe that "although yields are lower than the average at the last
auction, we expect the issue to find a certain level of support given the demand
into the FY-end and the unlikely prospect of the BoJ reducing the size of its
operations amid JPY appreciation." 
- The latest 15.5-39 Year enhanced liquidity auction passed smoothly, with a
steady cover ratio and spread breakdown with 20-Year bonds #150 & #155
registering 2 of the 3 largest reopeonings.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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