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Barclay comments on today's German 10-yr......>

BUNDS
BUNDS: Barclay comments on today's German 10-yr Bund auction:
- "German yields have rallied 27bp over the past couple of months and remain
close to YTD lows as a result, but in ASW terms, 10y swap spreads have tightened
nearly 4bp in April as they bounced off YTD highs. In RV terms, the past couple
of months have seen DBR Feb 28 move from a very small benchmark premium to a
discount of nearly 1.5bp here, although that is only around fair value versus
previous rolls. Cross market, 10y Germany has underperformed France by c. 6bp,
Holland by 2.5bp, and Austria by 4bp since end-February, moving yield give-ups
back close to recent lows".

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