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0% Aug-31 Green Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to launch its 0% Aug-31 Green Bund.
  • The bond will have an ISIN of DE0001030732 and be coupon and maturity matched to the non-green DE0001102564
  • This will be the fourth ever green issuance from Germany. Previous issues:
    • The 0% Aug-30 Green Bund launched on 2 September 2020 via syndication for E6.5bln.
    • The 0% Oct-25 Green Bobl sold via auction on 4 November 2020 with E4.62bln allotted, bid-to-cover of 1.19x and bid-to-offer of 1.29x.
    • The 0% Aug-50 Green Bund was sold via syndication on 11 May 2021 with an issue size of E6.0bln (E5.5bln allotted) from books of E38.9bln.
  • We note that the "greenium" on the 0% Aug-30 issue at the time of writing is 6.5bp.
  • We would expect a smaller greenium over the conventional 0% Aug-31 issue at today's auction, particularly given that there is a second auction of the 0% Aug-31 Green Bund scheduled for 20 October. We would look for something closer to 4bp at today's auction.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
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