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The Japanese Ministry of Finance will today....>

JGBS: The Japanese Ministry of Finance will today sell Y2.2tln of 0.10% 2-Year
bonds, the bonds will mature on 15 March 2020.
- The MOF last sold 2-Year debt on January 30, the sale drew an average yield of
-0.130% at 100.463, a high yield of -0.129% at 100.460 with 46.1768% of bids
allotted at the high yield, the sale was covered 5.022x.
- 2-year yields have edged lower since the end of January, after the BoJ upped
the size of its purchases in the nearby 3-5 Year sector to promote a steepening
yield curve. Benchmark 2-year yields are now circa 2.5bp softer than they were
at the end of January.
- Barclays expect the auction "to clear smoothly assuming yields near current
levels (WI close on 26 February: -0.145%). However, those yields are lower than
the average at the last auction (-0.130%) and relative valuations are not
particularly cheap, suggesting it may be difficult to expect much more than
foreign investor demand for USD ASW."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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