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0% Aug-31 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to launch a new 10-year Bund, with E5bln on offer.
  • German auctions remain weak this year with a number of technically uncovered operations. Indeed, yesterday's Schatz auction saw just E4.833bln of bids for a E5bln issue size.
  • The market doesn't really seem to be reacting too much in the face of these weak auction results, however.
  • The last 10-year Bund auction on 19 May (of the 0% Feb-31 Bund) saw E4.31bln of bids with E3.36bln allotted and an issue size of E4bln.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.

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