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0.10% Apr-33 ILB

GERMAN AUCTION PREVIEW
MNI (London)

On offer today: E750mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583)

  • Market colour: 10-year ILB yields increased until mid-February, reaching -1.4858%, before falling to -2.430% on March 7. Yields have since recovered to trade within the -1.944% to -1.750% range in April. The breakeven to the 0% Feb-32 Bund increased approx. 100bp from the last week of February to the present, to stand at 276.1bp at the time of writing. A 13-bp dip was seen in the final week of April, as the prelim April inflation print ticked up 0.1pp to 7.4%.

Timing: Results will be available shortly after the auction closes at 1030 BST / 1130 CEST.


Auction history:

IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auctOperation
On offer:E2blnCurrent-1.766%
Last 5 aveE490mlnE366mln-1.918%1.08x1.49x
08-Mar-22E400mlnE212mln-2.440%0.93x1.76x132.75132.77Auction
11-Jan-22E750mlnE630mln-1.800%1.30x1.55x123.93123.78Auction
02-Nov-21E400mlnE274mln-1.860%0.85x1.24x125.24125.28Auction
05-Oct-21E500mlnE405mln-1.910%1.09x1.35x126.18126.23Auction

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