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0% May-35 BUND ON OFFER FOR E3.5BN ON WEDNESDAY

GERMAN AUCTION PREVIEW

Germany will return for a second time this week to auction the 0% May-35 Bund for E3.5bn.

- BACKGROUND: At the last auction of the 0% May-35 Bund on 29 July, E2.92bn was allotted at an average yield of -0.33%, Buba cover of 2.1x and bid-to-cover of 1.7x.

- RV/HISTORY: The 0% May-35 Bund serves as the current 15-year benchmark and trades at a yield of -0.227%, up from a recent low of -0.319% and 24bp inside the comparable EUR Swap. There was robust demand for the new Schatz offering on Tuesday with a Buba cover of 2.0x. A positive revision to Q2 GDP data, released ahead of the Tuesday auction, is a further net positive ahead of the Wednesday tap. There will be no additional tier 1 data ahead of the next auction that could serve as a potential catalyst for price action.

- TIMING: Results are due out shortly after the auction close at 1030BST.

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