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BRENT TECHS

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Positive report - but not enough to change anyone's views

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30y Bunds

GERMAN AUCTION RESULTS
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  • Given that this is the first dual-line 30y Bund auction those results look decent enough.
  • For the 1.80% Aug-53 Bund there was a bigger tail than at the November auction and the bid-to-cover / bid-to-offer were both down - but remember that the November auction was a strong auction.
  • Also, despite the tail the LAP was still above the prevailing mid-price so we have seen the price move higher after the auction.
  • These results for the 1.80% Aug-53 Bund are not strong but they're not hugely disappointing either given the dual-line aspect of the auction and the LAP being in excess of the mid-price.
  • For the 0% Aug-50 Bund the results were much more solid - the average price matched the LAP so there was no tail.
  • If the 0% Aug-50 Bund was auctioned on its own it would look relatively strong. The 1.80% Aug-53 Bund auction was decent.
  • So all in all for the first dual-line 30y auction, Finanzagentur should be satisfied with how today's auction has gone.
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  • Given that this is the first dual-line 30y Bund auction those results look decent enough.
  • For the 1.80% Aug-53 Bund there was a bigger tail than at the November auction and the bid-to-cover / bid-to-offer were both down - but remember that the November auction was a strong auction.
  • Also, despite the tail the LAP was still above the prevailing mid-price so we have seen the price move higher after the auction.
  • These results for the 1.80% Aug-53 Bund are not strong but they're not hugely disappointing either given the dual-line aspect of the auction and the LAP being in excess of the mid-price.
  • For the 0% Aug-50 Bund the results were much more solid - the average price matched the LAP so there was no tail.
  • If the 0% Aug-50 Bund was auctioned on its own it would look relatively strong. The 1.80% Aug-53 Bund auction was decent.
  • So all in all for the first dual-line 30y auction, Finanzagentur should be satisfied with how today's auction has gone.