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0% May-36 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market today to sell E2.0bln of the 15-year Bund.
  • On offer will be the 0% May-36 Bund. ISIN: DE0001102549
  • Auction history: This will be the eighth re-opening of the 0% May-36 Bund this year, which was launched via auction on March 3, 2021. The previous three auctions in July, September and October were notably all technically uncovered.
  • Both today's upcoming auction and the October 27 auction are smaller sizes than previously, with E2.0bln being issued (following E2.5bln at previous auctions). These auctions were downsized when Germany reduced its issuance target for Q4 on 21 September.
  • The October auction saw E1.509bln allotted at a yield of 0.020% and resulted in a bid-to-cover of 0.96x (the bid-to-offer was 1.16x).
  • RV: The yield on 0% May-36 Bund had traded 22-27bp above that for the 0% Aug-31 Bund until early October. After the German curve flattened, reaching lows of 12bp or so, we have traded in a 15-19bp range through most of November. We are close to the middle of this range going into today's auction.
  • Timing: Results are due shortly after the auction closes at 10:30GMT / 11:30CET.
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
On offer:E2blnCurrent-0.065%
Last 5 aveE2.4blnE1.791bln-0.006%0.87x1.16x
27-Oct-21E2blnE1.509bln0.020%0.96x1.28x99.7399.77
22-Sep-21E2.5blnE1.862bln-0.060%0.83x1.11x100.87100.89
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-21E3bln
-0.060%0.99x100.90New
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