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0% Mar-23 Schatz

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to sell E5bln of the 0% Mar-23 Schatz.
  • This will be the second auction of the issue after it was launched via auction on 2 February for E6bln.
  • The launch auction saw a yield of -0.73% with E6.209bln of bids, leading to a fairly weak bid-to-cover of 1.03x and a bid-to-offer of 1.31x.
  • After some relatively weak auctions through February and early March, last week's Bobl auction was better received, seeing a bid-to-cover of 1.38x and a bid-to-offer of 1.70%.
  • Helped by the smaller auction today and (hopefully) better market conditions, we expect a more successful Schatz auction than last month.
  • Timing: Results will be available shortly after the auction closes at 10:30GMT/11:30CET.
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