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1.25% Aug-48 Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to sell E1.5bln of the 30-year 1.25% Aug-48 Bund.
  • Given the big market moves of the past couple of days, there will be focus on how well-received the auction is.
  • Yesterday's auction of the 7-year 0% Nov-28 Bund was the most successful for around 3 months.
  • The two auctions of this issue in 2021 to date have seen rather low bid-to-covers, far below the numbers seen in May, July and September 2020.
  • Note that the 1.25% Aug-48 Bund is not due to be reopened again in 2021 with the 0% Aug-50 Bund on offer in August before the new Aug-52 Bund launches via syndication in September (and is then reopened in both October and November).
  • Timing: Results will be available shortly after the auction closes at 10:30BST/11:30CET.
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
On offer:E1.5blnPrevailing-0.002%
Last 5 aveE1.4blnE1.196bln0.012%1.61x1.88x
14-Apr-21E1.5blnE1.287bln0.220%1.08x1.26x127.32127.15
17-Feb-21E1.5blnE1.232bln0.100%1.08x1.31x131.08130.90
16-Sep-20E1.5blnE1.334bln-0.070%1.73x1.95x137.31
22-Jul-20E1.5blnE1.261bln-0.060%2.02x2.40x137.15
13-May-20E1blnE863mln-0.130%2.14x2.48x139.90

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