Free Trial

German Will Sell E6bn of the New 0% Mar-23 Schatz

GERMAN AUCTION PREVIEW
Germany will come to market on Tuesday to sell E6bn of the new 0% Mar-23 Schatz.
  • Demand at January's auctions has been relatively robust with Buba covers of 1.3-2.10x and offer-to-covers of 1.1-1.6x.
  • The German curve has steepened since the beginning of the year, largely back of the long-end drifting lower. The 2-year benchmark trades at a yield of -0.726%, marginally below opening levels for the year, and 21bp inside the comparable EUR swap.
  • The preliminary Q4 GDP estimate for the euro area is a potential flash point ahead of today's auction, but is unlikely to be market moving given that German Q4 GDP print has already been published.
  • Results will be published shortly after the auction closes at 1030 London.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.