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E4bn of the 0% Apr-26 Bobl  On Offer

GERMAN AUCTION PREVIEW
  • Germany will re-open the 0% Apr-26 Bobl today with EUR4bn on offer.
  • The issue was last tapped on 7 April with E3.31bn allotted at an average yield of -0.66%, Buba cover of 1.71x and bid-to-cover of 1.41x.
  • Recent German auctions see robust demand, although coverage ratios have tended to be lower than for OATs and BTPs.
  • Following yesterday's sharp rally, EGBs have started today's session on a weaker footing. A slew of composite and services PMI prints for the euro area, published ahead of this morning's auction, could serve as a potential catalyst for price action across EGBs.
  • TIMING: Results are due out shortly after the auction closes at 1030GMT.

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