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0% Mar-24 Schatz

GERMAN AUCTION PREVIEW
MNI (London)
  • Germany will come to the market today to launch the new 2-year Schatz for E6.0bln.
  • On offer will be the 0% Mar-24 Schatz. ISIN: DE0001104875.
  • Auction history: The 0% Mar-24 Schatz will replace the 0% Dec-23 Schatz (ISIN DE0001104867) as the new 2-year on-the-run Schatz.
  • Similar past auctions: Germany launched the 0% Dec-23 Schatz on November 9 last year also for E6.0bln, allotting E4.777bln at an average yield of -0.710%, resulting in a bid-to-offer of 1.26x (the bid-to-cover was 1.00x). The Schatz has since been reopened twice, once in the first week of December and January. These auctions issued E4.0 and E5.0bln, with E3.28bln and E3.96bln allotted respectively. The December auction saw an average yield of -0.710% and the bid-to-cover was 1.11x (bid-to-offer 1.36x), whilst the January auction saw an average price of -0.620%, resulting in a bid-to-cover of 1.56x and a higher bid-to-offer of 1.97x.
  • Market colour: Schatz yields have moved significantly higher over the past few trading days, moving to the highest level since March 2016. In the past week, Schatz yields have moved more than 20bp off their January 25 low.
  • Timing: Results are due shortly after the auction closes at 10:30GMT / 11:30CET.
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