Japan's MOF sells Y4.022 trillion worth of 1.7% 20-year bonds with the lowest price of 100.25, higher than traders' expectations for 100.20, yielding 1.683%. "The auction shows that investor's interest (in superlong bonds) hasn't weakened despite some concerns that a planned (Dec. 16) national election may weigh on demand," says Barclays chief JGB strategist Chotaro Morita, adding that investors seemed to have taken advantage of recent yield rises at the sale. The bid-to-cover ratio declined slightly to 3.67 from 3.81 at the previous tender in October, while the tail was at 0.03 vs 0.01. The 20-year cash JGB yield is up 3.5 bps at 1.690%.
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