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0% Feb-31 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to issue E4bln of the 0% Feb-31 Bund.
  • This will be the fifth auction of the 10-year Bund that was first issued in January and has been reopened roughly every four weeks since.
  • With the exception of the launch auction, auctions have been sized at E4bln with around E3.3bln allotted. However, bid volumes have been declining from E6.5bln in the Jan reopening to E5.1bln in Feb and E4.8bln in March.
  • With the prevailing yield of -0.259%, today's auction could potentially see the highest 10-year Bund yield at an auction since 2019 (the -0.25% seen in January 2020 is the current highest with the -0.32% in February 2021 the second highest).
  • Results: Results will be available shortly after the auction closes at 10:30BST.
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