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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access0% SEP-22 SCHATZ ON OFFER FOR E6BN
Germany will come to market on Tuesday to auction the 0% Sep-22 Schatz for E6bn.
- BACKGROUND: This will be a new Schatz issue. ISIN: DE0001104818. For comparative purposes, at the last auction of the 0% Jun-22 on 21 July, E4.1bn was allotted at an average yield of -068%, Buba cover of 2.10x and bid-to-cover of 1.73x.
- RV/HISTORY: Bunds traded lower at the start of the weak, but have lacked direction so far in August. Despite progress in curtailing the spread of coronavirus, heightened economic uncertainty both at home and across the region makes it difficult to price macro outcomes. Final GDP data for Q2 and the IFO release for August will be published ahead of the Tuesday auction. Ordinarily second estimates of GDP data are not typically market moving, but the impact of coronavirus on estimates of economic activity has now created the potential for significant revisions. There has been robust appetite for the increase in EGB supply this year and we expect a strong showing at the Tuesday Schatz auction.
- TIMING: Results are due out shortly after the auction closes at 1030BST.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.