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JGBS: The Japanese Ministry of Finance will today auction Y500bn of JGBs with
15.5-39 years until maturity in a liquidity enhancement auction.
- The previous enhanced liquidity auction covering these maturities was held on
August 28 2018. The auction was covered 2.261x at an average spread of -0.001%,
and a high spread of 0.005% with 70.9090% of the bids allotted at the high
spread, Y500bn worth of paper was offered.
- The takedown was dominated by 20-Year JB#150, which accounted for Y112.4bn
worth of the supply, with 40-Year JB5 & JB7 accounting for a combined Y95.7bn.
- This auction may garner attention as it is the first super-long offering since
the BOJ trimmed the upper and lower bounds of the size of its 25+ Year Rinban
operations for October back on Friday, with the first super-long Rinban
operation of the month not taking place until tomorrow.
- Concession being built into the curve on the back of the shift higher in U.S.
Tsy yields on Wednesday may help demand as 40-Year yields operate at the highest
levels since October of last year.
- Results due at 0435BST/1235JST.