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0% Aug-50 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market tomorrow to sell E1.0bln of the 30-year 0% Aug-50 Bund.
  • This will be the last scheduled auction of the 0% Aug-50 Bund this year.
  • The new Aug-52 Bund is scheduled to launch in via syndication in September and be reopened in October and November.
  • We note that all German auctions through August so far have been relatively strong; we have not seen a technically uncovered 30y Bund auction since May and we expect tomorrow's auction to be relatively strong.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
Previous results
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
On offer:E1.0blnCurrent-0.028%
Last 5 aveE1.3blnE1.098bln0.034%1.34x1.57x
09-Jun-21E1.5blnE1.26bln0.310%1.12x1.33x91.2891.20
17-Mar-21E1.5blnE1.222bln0.210%0.94x1.16x94.0293.83
20-Jan-21E1.5blnE1.264bln-0.130%1.19x1.42x103.92
11-Nov-20E1blnE849mln-0.060%1.33x1.56x101.70
14-Oct-20E1blnE897mln-0.160%2.13x2.38x104.95
19-Aug-20E1.5blnE1.249bln-0.050%2.42x2.91x101.53
10-Jun-20E6blnSynd0.187%94.51

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