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0% May-36 Bund

GERMAN AUCTION PREVIEW
  • Germany will conclude EGB issuance for Q1 this morning as it comes to the market to sell E2.5bln of the 0% May-36 Bund.
  • The 15-year Bund was launched at the beginning of March with an issue size of E3.0bln but the auction was technically uncovered with bids of E2.974bln received.
  • Since then we have seen Bobl, Schatz and last week's 10-year Bund auction pass off without any concerns, but the 30-year Bund auction on 17 March was also technically uncovered.
  • Following yesterday's sell-off the 0% May-36 Bund is now trading back below par.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.

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