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Free Access0% Aug-50 Bund
- Germany will come to the market today to sell E1.5bln of the 30-year 0% Aug-50 Bund.
- This will be the ninth auction of the bond (it has also been tapped via syndication once).
- After seeing fairly subdued demand in the year after launch the three auction in the past six months have seen stronger demand. Bid-to-offer ratios have been 2.42x, 2.13x and 1.33x respectively with bid-to-cover ratios of 2.91x, 2.38x and 1.56x. In the first year of issue these levels were closer to 1.1-1.2x and 0.75-0.9x.
- The pickup in demand can largely be attributed to record low yields and the ECB's activities in the market, specifically PEPP.
- Timing: Results will be available shortly after the auction closes at 10:30GMT/11:30CET.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.