MNI BRIEF: Japan May CGPI Rises 2.4% Y/Y, Higher Import Prices

MNI TEST HEADLINE PLEASE IGNORE

MNI TEST HEADLINE PLEASE IGNORE

MNI BRIEF: Brazil May Inflation 3.93% As Floods Push Up Prices

MNI China Daily Summary: Tuesday, June 11

MNI BRIEF: China SME Index Down Slightly In May

MNI: JAPAN MAY CORP GOODS PRICE INDEX +2.4% Y/Y; APR REV +1.1%

Unemployment Rate Steady, But Jobs Growth Momentum Slows

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

1.25% Aug-48 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to sell E1.5bln of the 1.25% Aug-48 Bund.
  • This will be the second 30-year Bund auction so far this year. Four weeks ago the 0.50% Aug-50 Bund was tapped with E1.264bln allotted at a yield of -0.13%, a bid-to-cover of 1.19x and an bid-to-offer of 1.42x.
  • The 1.25% Aug-48 Bund was sold four times in 2020 (once in each quarter) and with the exception of the February 2020 auction saw very strong demand. The latter three auctions last year saw bid-to-covers ranging from 1.73-2.14x and bid bid-to-offers ranging from 1.95-2.48x.
  • Today's auction is likely to be the first 30-year issuance operation since the June 2020 syndication of the 0% Aug-50 Bund that will achieve a positive yield.
  • RV: We note that the spread between the 1.25% Aug-48 Bund and the 0% Aug-50 Bund has slowly widened since October. The 1.25% Aug-48 Bund now trades at close to a 3.3bp premium over the 0% Aug-50 Bund, up from 2.2bp in October.
  • Timing: Results will be available shortly after the auction closes at 10:30GMT.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

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.