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GERMAN AUCTION PREVIEW: 2.40% Apr-30 Bobl

GERMAN AUCTION PREVIEW
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

This morning, Germany will hold its second regular (non-green) Bobl auction of the year. On offer will be E5.0bln of the 2.40% Apr-30 Bobl.

  • The size is in line with the E5.0bln seen at the last auction of this issue in January (when the Bobl was launched).
  • Recent auctions in the German Bobl segment have passed smoothly, with solid bid-to-covers (in a 1.73x to 2.75x range since January 2024), bid-to-offers (1.54x to 2.29x range since then) and the low prices above the secondary market mid-prices throughout 2024.
  • For the previous 2.40% Apr-30 Bobl auction on 14 January, the bid-to-cover stood at 2.52x, while the bid-to-offer came in at 1.91x.
  • Supply is in focus generally this morning, with syndications from the EU, Italy and the UK. Around the 7-year segment, the EU will tap its 2.50% Dec-31 EU-bond for E6bln, with the other syndications 10+ year.
  • The political situation in Germany is characterized by some uncertainty at the moment amid snap elections being scheduled for February 23. TV debates have passed without material turmoil in the last couple of days and the mainstream parties are expected to be able to form a government together - so we expect no impact from that on today's auction.
  • Following the Bobl auction today will be tomorrow's 30-year Bund auction with E1bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1.5bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004) on offer, while the 2.40% Apr-30 Bobl will be reopened next on March 4.
  • Timing: Results will be available shortly after the bidding window closes at 10:30GMT / 11:30CET.
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This morning, Germany will hold its second regular (non-green) Bobl auction of the year. On offer will be E5.0bln of the 2.40% Apr-30 Bobl.

  • The size is in line with the E5.0bln seen at the last auction of this issue in January (when the Bobl was launched).
  • Recent auctions in the German Bobl segment have passed smoothly, with solid bid-to-covers (in a 1.73x to 2.75x range since January 2024), bid-to-offers (1.54x to 2.29x range since then) and the low prices above the secondary market mid-prices throughout 2024.
  • For the previous 2.40% Apr-30 Bobl auction on 14 January, the bid-to-cover stood at 2.52x, while the bid-to-offer came in at 1.91x.
  • Supply is in focus generally this morning, with syndications from the EU, Italy and the UK. Around the 7-year segment, the EU will tap its 2.50% Dec-31 EU-bond for E6bln, with the other syndications 10+ year.
  • The political situation in Germany is characterized by some uncertainty at the moment amid snap elections being scheduled for February 23. TV debates have passed without material turmoil in the last couple of days and the mainstream parties are expected to be able to form a government together - so we expect no impact from that on today's auction.
  • Following the Bobl auction today will be tomorrow's 30-year Bund auction with E1bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1.5bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004) on offer, while the 2.40% Apr-30 Bobl will be reopened next on March 4.
  • Timing: Results will be available shortly after the bidding window closes at 10:30GMT / 11:30CET.