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0% Aug-31 Bund

GERMAN AUCTION PREVIEW

Germany will come to the market this morning to sell E4bln of the 0% Aug-31 Bund.

  • German auctions remain very weak in general with yesterday's Schatz auction and last week's Bobl auction both being technically uncovered.
  • In spite of this, the market does not appear concerned. There has been no real adverse market reaction to weak German auctions. Indeed, the greater the number of weak German auctions we see, the more the market seems to be unconcerned about them.
  • We expect another relatively weak auction. The launch auction of the 0% Aug-31 Bund on 16 June was a larger size of E5bln but saw a bid-to-cover of 1.08x.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
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