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Germany will auction the.....>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: Germany will auction the 0.0% Dec-21 Schatz for E4bln on
Tuesday:
- BACKROUND: Previous auction results (date, allotment, average yield,
bid-to-cover, Buba cover): Dec 12 2019, E3.19bln, -0.64%, 1.80x, 2.3x.
- RV/HISTORY: The 0.0% Dec-21 Schatz trades at a yield of -0.591%, 298bp inside
the comparable EUR swap. Yields at the short-end of the bund curve have drifted
higher since the beginning of the year as a stabilisation in euro area economic
data and pickup in inflation provides scope for a more optimistic message at
this week's ECB meeting. Relatively strong demand at recent EGB auctions,
particularly the new syndications, bodes well for this week's auctions. 
- TIMING: Results are due out at 1030 GMT

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