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JGBS AUCTION: The Japanese Ministry of Finance (MOF) will today sell Y2.0tln of
5-Year JGB's, representing the opening of JB136.
- The MOF last sold 5-Year debt on June 21, the auction drew cover of 3.877x at
an average yield of -0.113%, average price of 101.02, a high yield of -0.109%,
low price of 101.00, with 61.1594% allotted at the high yield.
- Benchmark 5-Year JGBs have operated in a ~2bprange since the latest auction.
- There appears to be a mild degree of concern ahead of the auction owing to the
flatness of the 2-/5-Year yield differential, although the fact that the auction
represents the opening of a fresh JGB line should provide some support.
- The sector also looks relatively unattractive, with the belly of the curve
looking a little rich.
- Results due at 0435BST/1235JST