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

JGBS AUCTION
JGBS AUCTION: The Japanese Ministry of Finance will today auction Y300bln of 1-5
Year JGB's in an enhanced liquidity auction.
- The previous enhanced liquidity auction in this maturity was held on January
05. The auction was covered 4.5047x at an average spread of -0.033%, and a high
spread of -0.031% with 14.8883% bids allotted at the high spread.
- The takedown was dominated by 20-Year Mar 2020 #44 with Y289.3bln of that line
reopened.
- Yesterday's shorter dated BoJ Rinban operations covering the 1-5 Year buckets
experienced an uptick in the offer to cover ratio, while the short end
underperformed against longer dated paper on Werdnesday. This isn't particularly
supportive for the upcoming liquidity enhancement auction.
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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