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Free AccessGermany will auction the.....>
GERMAN AUCTION PREVIEW: Germany will auction the 0% Feb-30 bund for E4bn on
Wednesday.
- BACKGROUND: At the last auction of the 0% Feb-30 on 29 April, E3.4bn was
allotted at an average yield of -0.48%, Buba cover of 2.50x and bid-to-cover of
2.1x.
- RV/HISTORY: While the recent German constitutional court ruling has created
some uncertainty around the ECB's bond purchase programme, the joint
Merkel-Macron press conference on Monday afternoon to unveil a proposed E500bn
recovery fund has been a positive surprise form markets. Bunds traded weaker on
Tuesday and periphery-core spreads have narrowed. The 0% Feb-30 bund trades at a
yield of -0.466% at the time of writing, in the middle of the YTD range and 40bp
of the record low in March. There will be no German-specific data releases, or
significant euro area publications, that could serve as a catalyse for price
action heading into Wednesday's auction.
- TIMING: Results are due out after the auction closes at 1030BST.
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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.