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7-year 0% Nov-28 Bund

GERMAN AUCTION PREVIEW
MNI (London)

Germany will come to the market today to sell E3bln of the 7-year Bund.

  • On offer will be the 0% Nov-28 Bund. ISIN: DE0001102556
  • Auction history: This will be the seventh auction of the 0% Nov-28 Bund, which was launched via auction on April 21, 2021 and saw E4bln nominal issued. Of this, E3.25bln was allotted at a yield of -0.410% and a bid-to-cover of 1.14x (the bid-to-offer came in at 1.40x). The first three auctions issued E4.0bln and the most recent three came in smaller at E3.0bln each, as Germany reduced its Q4 issuance target in September. The most recent auction of the 7-year Bund saw E3.0bln issued on October 26 (E2.36bln allotted) with a -0.482% yield and 1.18x bid-to-cover (1.44x bid to offer).
  • Market colour: Yields on the 0% Nov-28 are around 25bp off their highs. Initially this move accelerated after the October ECB meeting before yields hit new recent lows last week on the emergence of the Omicron Covid-19 variant.
  • Timing: Results are due shortly after the auction closes at 1030GMT / 1130CET.
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