2030/2033 ILBs

Germany will come to the market today to reopen E750mln of linkers: E250mln of the 0.50% Apr-30 ILB and E500mln of the 0.10% Apr-33 ILB.

• On offer will be:
  • 0.50% Apr-30 ILB. ISIN: DE0001030559.
  • 0.10% Apr-33 ILB. ISIN: DE0001030583.
• Auction history
  • The 0.50% Apr-30 ILB was reopened five times last year, with issuance volumes between E400-600mln of which between E330-490mln was allotted. The previous two auctions of the 2030 ILB were on November 2 and September 7, 2021. These saw issuance volumes of E400mln and E600mln, with E344mln and E490mln allotted respectively. The November auction resulted in an average yield of -2.030% with a 1.15x bid-to-cover and 1.33x bid-to-offer, whilst the September auction saw a -2.060% average yield and 1.12x bid-to-cover and 1.37x bid-to-offer.
  • The newer 2033 ILB was launched via conventional auction in February last year for E1.5bln nominal issuance. The two most recent auctions were on January 11 this year and the November 2 auction last year. In January E750mln was issued (E630mln allotted) for a -1.800% average yield and 1.30x bid-to-cover (1.55x bid-to-offer). The November reopening issued E400mln, of which E274mln was allotted at an average yield of -1.860% and was technically uncovered with a 0.85x bid-to-cover (the bid-to-offer was 1.24x).
• Timing: results will be available shortly after the auction closes at 1030 GMT / 1130 CET.