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4/24-year ILBs

GERMAN AUCTION PREVIEW
MNI (London)
  • Germany will come to the market today to sell E500mln and E200mln of the 4/25-year ILBs.
  • On offer will be:
    • 0.10% Apr-26 ILB. ISIN: DE0001030567.
    • 0.10% Apr-46 ILB. ISIN: DE0001030575.
  • Auction history: Germany launched the 0.10% Apr-26 ILB in 2015, and has reopened the linker four times since 2019. The Linker was reopened once in 2021 in May for E500mln, allotting E423mln at an average yield of -1.880%, resulting in a bid-to-offer of 2.18x (the bid-to-cover was 1.84x). Prior to this, the ILB was reopened twice in 2020, once in September and March. The auction sizes were E250mln, with E183mln and E184mln allotted respectively. The more recent September 2020 auction resulted in a bid-to-offer of 1.87x (bid-to-cover 1.37x).
  • The 0.10% Apr-46 ILB will also be reopened for the first time this year, after five re-openings in 2021. Last year’s auction sizes were all E200mln except for the September auction, which issued a smaller E100mln nominal. The most recent October auction issued E200mln, allotting E95mln at an average yield of -1.700%, resulting in a bid-to-offer of 1.84x (0.88x bid-to-cover). The September auction issued E100mln with E66mln allotted at an average price of -1.680%. This reopening saw a bid-to-offer of 2.29x (the bid-to-cover was 1.51x).
  • Market colour: Inflation is the buzzword in markets right now, so its not surprising that we have seen real yields rise to their highest levels since July for both bonds.
  • Timing: Results are due shortly after the auction closes at 10:30GMT / 11:30CET.
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