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0% Feb-32 Bund

GERMAN AUCTION PREVIEW
MNI (London)
  • Germany will come to the market today to sell E4.0bln of the recently launched 10-year Bund.
  • On offer will be the 0% Feb-32 Bund. ISIN: DE0001102580.
  • Auction history: This will be the first re-opening of the 0% Feb-32 Bund, which was launched via conventional auction three weeks ago on January 5, 2022. Today’s reopening is the same size as the initial auction, which saw E3.13bln of E4.0bln allotted at an average yield of -0.090% at a bid-to-offer of 1.46x (the bid-to-cover was 1.14x).
  • Similar past auctions: The last two auctions of the previous 10-year Bund, the 0% Aug-31 Bund were on December 8 and November 10 last year and saw E2.50bln and E2.46bln allotted, resulting in negative yields of -0.380% and -0.290%. The December bid-to-cover was 1.11x (bid-to-offer 1.33x), whilst the November auction was technically uncovered at 0.93x (bid-to-offer 1.14x).
  • Timing: Results are due shortly after the auction closes at 10:30GMT / 11:30CET.
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