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0% Aug-50 Bund

GERMAN AUCTION PREVIEW
  • 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.
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