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0% Nov-28 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to sell E4bln of the 7-year 0% Nov-28 Bund.
  • This will be the third auction of the Bund, following its launch on 27 April and reopening on 8 June. Those auctions were also sized at E4bln and saw around E3.25bln allotted in each.
  • Bids were E4.564bln and E4.057bln, so both auctions have been fully covered.
  • The 0% Aug-28 Bund is due to be reopened four more times after today's auction in 2021 (monthly between August and November). Although this is the last scheduled E4bln auction, with the remaining auctions all scheduled to be for E3bln.
  • As yields have fallen across the curve, the curve has flattened and the spread for the 0% Nov-28 over the 0% Apr-26 Bobl has fallen from around 21bp at the time of the 8 June auction to just over 14bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
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