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0% Feb-31 launch

GERMAN AUCTION PREVIEW

This morning the Bundesbank will launch the new 10-year Bund, the 0% Feb-31.

  • E5bln will be on offer for an issue that is expected to grow to E25bln. The final outstanding will be in line with the 0% Feb-31 Bund but smaller than the E30.5bln outstanding of the 0% Aug-30 Bund which saw heavier issuance due to Covid-19-related spending.
  • Since August, 10-year Bund auctions have seen bid-to-cover ratios in the range of 2.04-2.50x with bid-to-offer ratios (Buba cover) of 1.65-2.00x. However, this is the largest 10-year Bund auction since July, with the last two auctions seeing E3bln on offer so we would expect the bid-to-offer ratio to be at the bottom or below the recent range.
  • RESULTS: Results will be available shortly after the auction closes at 10:30GMT/11:30CET.
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