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0% Apr-26 Bobl

GERMAN AUCTION PREVIEW
  • E4bln of the 0% Apr-26 Bobl will be on offer today.
  • This will be the first reopening of the Bobl after it's launch four weeks ago.
  • The last auction saw the second smallest amount bid since May with bids of E5.25bln, equating to a bid-to-cover of 1.05x and bid-to-offer of 1.29x.
  • With the exception of the Green Bobl launch, bid-to-covers had otherwise all been above 1.50x since May with bid-to-offers all in excess of 1.80x.
  • We will watch with interest to see if demand is more substantial at today's auction or whether last month's auction was a precursor to lower demand for Bobls at auction.
  • Timing: Results will be available shortly after the auction closes at 10:30GMT.

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