MNI BRIEF: China's Retail Sales Quicken To 4-Month High

MNI: China CFETS Yuan Index Down 0.24% In Week of Mar 17

MNI: PBOC Net Drains CNY2.5 Bln via OMO Monday

CHINA JAN-FEB INDUSTRIAL OUTPUT +5.9% Y/Y VS MEDIAN +5.3% Y/Y: NBS

MNI China Press Digest Mar 17: Consumption, Homes, Investment

MNI: PBOC Sets Yuan Parity Lower At 7.1688 Mon; -0.41% Y/Y

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GERMAN AUCTION PREVIEW: 15-year Bunds

GERMAN AUCTION PREVIEW
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

This morning, Germany will hold its second 15-year Bund auction of the year. On offer will be E500mln of the 0% May-36 Bund (ISIN: DE0001102549) and E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598).

  • The size is a consistent with recent Bund auctions in the 15-year segment.
  • Recent auctions in the German 15y segment have passed smoothly, with solid bid-to-covers (in a 1.61x to 5.49x range since July), bid-to-offers (1.29x to 4.81x range since July) and the low prices above the secondary market mid-prices throughout 2024.
  • For the last 0% May-36 Bund auction on 9 October, the bid-to-cover stood at 4.87x, while the bid-to-offer came in at 3.98x. For the last 1.00% May-38 Bund auction on 4 September, the bid-to-cover stood at 5.49x, while the bid-to-offer came in at 4.81x.
  • Bund positioning currently appears short, see our Europe Positioning Indicator here.
  • The fiscal situation in Germany is characterized by some uncertainty at the moment after Sunday's snap elections were followed by talks of passing a bill on increased military spending using the outgoing parliament. This prompted some Bund weakness earlier this week - which was pared in the meantime, however. For a round-up of analyst views on the German election, see here.
  • The next 15y Bund auction will be on 26 March, while further openings of both Bunds on offer are not scheduled yet.
  • Note that we are also expecting a German 30-year Bund syndication at some point. The timing is uncertain following the German election.
  • Timing: Results will be available shortly after the bidding window closes at 10:30GMT / 11:30CET.
254 words

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.

This morning, Germany will hold its second 15-year Bund auction of the year. On offer will be E500mln of the 0% May-36 Bund (ISIN: DE0001102549) and E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598).

  • The size is a consistent with recent Bund auctions in the 15-year segment.
  • Recent auctions in the German 15y segment have passed smoothly, with solid bid-to-covers (in a 1.61x to 5.49x range since July), bid-to-offers (1.29x to 4.81x range since July) and the low prices above the secondary market mid-prices throughout 2024.
  • For the last 0% May-36 Bund auction on 9 October, the bid-to-cover stood at 4.87x, while the bid-to-offer came in at 3.98x. For the last 1.00% May-38 Bund auction on 4 September, the bid-to-cover stood at 5.49x, while the bid-to-offer came in at 4.81x.
  • Bund positioning currently appears short, see our Europe Positioning Indicator here.
  • The fiscal situation in Germany is characterized by some uncertainty at the moment after Sunday's snap elections were followed by talks of passing a bill on increased military spending using the outgoing parliament. This prompted some Bund weakness earlier this week - which was pared in the meantime, however. For a round-up of analyst views on the German election, see here.
  • The next 15y Bund auction will be on 26 March, while further openings of both Bunds on offer are not scheduled yet.
  • Note that we are also expecting a German 30-year Bund syndication at some point. The timing is uncertain following the German election.
  • Timing: Results will be available shortly after the bidding window closes at 10:30GMT / 11:30CET.