June 25, 2020 / 7:44 AM / 7 days ago

Japanese bonds mostly flat, 20-year debt sale in demand

TOKYO, June 25 (Reuters) - Japanese government bond (JGB) prices were range-bound on Thursday, while a 20-year JGB auction drew fair demand from investors.

Benchmark 10-year JGB futures eased 0.02 point to 152.1, with a trading volume of 14,380 lots, while the 10-year JGB yield stood flat at 0.010%.

The 20-year JGB yield was unchanged at 0.390%.

The 30-year JGB yield inched down half a basis point to 0.575%, with the yield curve spread between two- and 30-year yields at its steepest since April 2019 at 71.40 basis points.

Yields on the super-long bonds have been steadily rising in the last few weeks, but analysts said yield curves flattened slightly on Thursday after the 20-year JGB auction by the Ministry of Finance.

The bid-to-cover ratio, a gauge of demand, at the 900 billion yen 20-year auction was at 3.87. The auction’s tail, or gap between the average and lowest accepted prices, tightened to 0.04 from last month’s 0.06.

At the short end of the market, the two-year JGB yield added half a basis point to minus 0.150%, close to a two-week high.

Meanwhile, the five-year yield gained half a basis point to minus 0.105%. (Reporting by Tokyo Markets Team; editing by Barbara Lewis)

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