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0% Nov-28 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to offer E3.0bln of the 7-year 0% Nov-28 Bund. The issue has an ISIN of DE0001102556.
  • As the table below shows, recent 7-year Bund auctions have been well received with the bid-to-cover exceeding 1x in every auction since launch (unlike some other German issues).
  • Indeed, the smaller auctions than seen for Schatz and Bobls seem to be resulting in stronger 7-year Bund auctions in comparison.
  • We would expect to see another strong auction today.
  • Timing: Results will be available shortly after the auction closes at 10:30BST/11:30CET.
Auction History of 7-year 0% Nov-28 Bund (DE0001102556)
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
On offer:E3.0blnCurrent-0.494%
Last 4 aveE3.75blnE3.085bln-0.503%1.19x1.44x
24-Aug-21E3blnE2.48bln-0.650%1.28x1.55x104.85104.83
20-Jul-21E4blnE3.349bln-0.580%1.32x1.57x104.35104.32
08-Jun-21E4blnE3.259bln-0.370%1.01x1.24x102.83102.80
27-Apr-21E4blnE3.253bln-0.410%1.14x1.40x103.13New

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