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0% Aug-31 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to offer E3bln of the 10-year 0% Aug-31 Bund ( ISIN: DE0001102564 ).
  • This will be the fifth auction of the Bund and the smallest auction to date. Outside of the launch auction (which was sized at E5bln) all subsequent auctions until today have been for E4bln.
  • We expect a relatively successful auction today, but note that the last auction was relatively weak with a bid-to-cover of just 0.86x and a bid-to-offer of 1.13x (below the 1.2x and around 1.4x seen in the previous couple of auctions).
  • Timing: Results will be available shortly after the auction closes at 10:30GMT/11:30GMT.
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
On offer:E3blnCurrent-0.287%
Last 4 aveE4.25blnE3.461bln-0.288%1.09x1.33x
29-Sep-21E4blnE3.052bln-0.220%0.86x1.13x102.16102.16
11-Aug-21E4blnE3.316bln-0.440%1.20x1.44x104.56104.53
14-Jul-21E4blnE3.392bln-0.300%1.20x1.42x103.03103.01
16-Jun-21E5blnE4.085bln-0.190%1.08x1.33x101.99New

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