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JGBS AUCTION: The Japanese MOF will today sell Y400bn of 40-Year JGB's in a
Dutch auction. The MOF last sold 40-Year debt on July 24, the auction drew cover
of 3.302x at a high yield of 0.880%, low price of 97.33, with 36.6400% allotted
at the high yield.
- The 40-Year yield has traded in a ~21bp range since the most recent auction,
with uncertainty around the BOJ's July MonPol decision and the recent trimming
of 25+ Year purchases in the BOJ Rinban operations aiding volatility. 40-Year
yields sit just off of the recent high at 1.068% last.
- The latest adjustment to the BOJ's Rinban operations caught participants by
surprise & may make dealers a little more hesitant re: today's auction,
especially when coupled with the recent yield swings. However, with benchmark
40-Year yields > 1.00% (for the first time since Jan) outright yield levels
should pull pension funds & lifers off of the sidelines, further aided by the
limited size & 2-month auction cycle. Short covering demand & relative value
appeal on the curve should also generate demand.
- Results due at 0435BST/1235JST.