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Germany will come to market on Wednesday to tap the 0% Aug-50 bund for E1bn.

  • BACKGROUND: At the last auction of the 0% Aug-50 bund on 14 October, E0.90bn was allotted at an average yield of -0.16%, Buba cover of 2.38x and bid-to-cover of 2.13x.
  • RV/HISTORY: Bunds sold off sharply this week and the curve bear steepened on the back of news that Pfizer has developed an effective Covid vaccine. The 0% Aug-50 bund trades at a yield of -0.035%, off a November low of -0.231% and 16bp inside the comparable EUR swap. There are no tier one data releases that could serve as a potential catalyst for price action ahead of the Wednesday auction.
  • TIMING: Results are due out shortly after the auction close at 1030 London.
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |

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