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4/25-Year Linkers

GERMAN AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E0.5bln of the 0.10% Apr-26 ILB (ISIN: DE0001030567)
    • E0.2bln of the 0.10% Apr-46 ILB (ISIN: DE0001030575)
  • Market colour: The originally 10/30-year ILB saw real yields dive by around 167bp and 95bp respectively from mid-April to March 7. The 0.10% Apr-26 ILB has seen yields edging back towards the Feb 7 high at around -2.011% at the time of writing, whilst the 0.10% Apr-46 ILB has seen solid growth around 60bp above the levels seen in mid-Feb to stand at -0.874% at the time of writing.
  • Breakevens to the 0% Apr-26 Bobl rose over 170bp since the beginning of the year to the April 19 high, and have since fallen back around 56bp to approx. 297bp. The rise to the peak followed the release of the March jump in German CPI from 5.1% to 7.3% and the subsequently dovish April ECB meeting, but as markets have reassessed ECB expectations to be more hawkish, breakevens have moved off those highs. Breakevens to the 2.50% Aug-46 Bund were relatively stable until towards the end of Feb, where it increased over 70bp over March and April to the May 2 high. The breakeven has since decreased around 26bp to around 236bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 1030 BST / 1130 CEST.
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