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0.50% Apr-30 ILB & 0.10% Apr-46 ILB On Offer

GERMAN AUCTION PREVIEW

Germany comes to market on Tuesday for the first of two bond auctions this week, with EUR400mn of the 0.50% Apr-30 ILB and EUR200mn of the 0.10% Apr-46 ILB on offer this morning.

  • Having already chalked up considerable losses through February, and with ECB policymakers indicating in recent days that action could be taken if rising yields undermine economic growth, the EGB sell off is starting to subside, boding well for this morning's auction.
  • Recent ILB auctions have seen decent demand and we expect this to remain the case.
  • Previous auction results on 12 January: 0.50% Apr-30 ILB (EUR0.4bn sold, EUR0.33bn allotted, average yield -1.55%, Buba cover 1.82x, bid-to-cover 1.50x), 0.10% Apr-46 ILB (EUR0.20bn, EUR0.113bn, -1.48%, 1.90x, 1.08x).
  • Timing: Results are due shortly after the auction closes at 1030GMT.
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