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0% May-36 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to offer E2.5bln of its 15-year Bund, the 0% May-36.
  • Three out of the last four auctions of the issue have been technically uncovered (and all auctions have been the same size as the E2.5bln on offer today).
  • Indeed, we think it is notable that as Germany's issuance needs for Q4 were revised a little lower, the only capital markets auctions (i.e. non-bubill auctions) to be downsized were those of the 0% May-36 Bund. The October and November auctions will be for E2.0bln rather than E2.5bln (there is no auction scheduled for December).
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
Auction History
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
On offer:E2.5blnCurrent-0.051%
Last 5 aveE2.5blnE1.957bln0.018%0.95x1.20x
28-Jul-21E2.5blnE1.79bln-0.180%0.80x1.11x102.69102.71
23-Jun-21E2.5blnE2.063bln0.080%1.03x1.24x98.7598.75
26-May-21E2.5blnE1.73bln0.110%0.73x1.06x98.4398.35
28-Apr-21E2.5blnE2.132bln0.060%1.08x1.27x99.0398.95
31-Mar-21E2.5blnE2.07bln0.020%1.10x1.33x99.6899.52
03-Mar-21E3blnE2.54bln-0.060%0.99x1.17x100.90New

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