February 6, 2014 / 3:25 AM / in 4 years

JGBs edge down ahead of 30-year auction

TOKYO, Feb 6 (IFR) - Japanese government bonds eased in morning trade on Thursday in thin trading ahead of a 30-year auction later in the day.

Cash activity was limited to transactions among dealers ahead of the monthly 30-year JGB auction, for which the Ministry of Finance will re-open the current issue number 41 for the regular settlement date.

The ministry will offer 500 billion yen ($4.94 billion) worth of 30-year JGBs this month, less than last month’s 600 billion yen, as there is also a quarterly 40-year JGB auction this month.

In the morning, several dealers sold the current 20-year JGBs short for hedging purposes, before buying the new 30-year JGBs in the auction.

Yields on the current 10-year, 20-year , and 40-year JGBs all rose one basis point on the day to 0.605 percent, 1.420 percent, and 1.625 percent, respectively, while the yield on the current 30-year JGB added 0.5 basis point to 1.585 percent.

Lead March JGB futures moved in a 144.76-144.85 range before finishing midday down 0.10 point at 144.78.

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