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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 third (and final) auction of the issue before the new June-23 Schatz is launched on 18 May.
  • Schatz auctions have remained relatively strong with every auction over the past year seeing bids of at least E5.5bln, although the February auction saw a relatively weak 1.03x bid-to-cover (1.31x bid-to-offer). These statistics improved improved for the last auction with bids of E6.33bln leading to a big-to-cover of 1.27x and bid-to-offer of 1.61x.
  • We would expect a similar result for today's auction.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.

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