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Disappointing 30-year auction

GERMAN AUCTION RESULTS
  • Another disappointing 30-year German auction. For the 0% Aug-50 Bund the bid-to-cover and bid-to-cover looked ok, but the average priced of 54.55 was below the pre-auction mid-price of 54.574 and there was also a fairly wide tail with the lowest accepted price of 54.45.
  • The 1.80% Aug-53 Bund auction was the weaker of the two with the auction technically not fully covered (less bids than E1.5bln). There was also a similar sized tail.
  • Last month's 30-year auction was also disappointing but in the interim we saw the 1.80% Aug-53 syndication on 23 February which saw a book size of E41bln and was very strong.
  • Despite the weak auction today, both the 0% Aug-50 and the 1.80% Aug-53 Bunds have seen prices continue to move higher in line with the broader fixed income rally.
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