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0% Aug-50 Bund

GERMAN AUCTION PREVIEW
MNI (London)
  • Germany will come to the market today to sell E1.5bln of the 30-year Bund.
  • On offer will be: the 0% Aug-50 Bund. ISIN: DE0001102481.
  • Auction history: Germany re-opened the 0% Aug-50 Bund four times in 2021. The first three auctions saw a size of E1.5bln, with the last auction in August at the smaller size of E1.0bln. The August 18 reopening saw E827mln allotted with an average yield of -0.040%, a 1.97x bid-to-offer (1.63x bid-to-cover). Prior to that, between E1.222-1.264bln was allotted at the three other 2021 auctions with bid-to-covers ranging from 0.94-1.19x and bid-to-offers from 1.16-1.42x. Since the August auction, the 0% Aug-52 Bund has was launched via syndication and has been reopened three times via auction. The latest 0% Aug-52 auction on 12 January 2022 saw an issuance volume of E1.50bln with E1.256bln allotted with a bid-to-cover of 0.94x and offer-to-cover of 1.12x.
  • Market colour: The 0.4369% high yield seen during yesterday's trading session was the highest level for the 0% Aug-50 Bund since May 2021. Today, yields are a bit off of those highs but as recently as the start of January yields were 0.25%.
  • Timing: Results are due shortly after the auction closes at 10:30GMT / 11:30CET.
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