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GERMAN AUCTION PREVIEW: Germany will come to market on Wednesday to auction the
0.0% Oct-24 Bobl for E3.0bln.
- BACKGROUND: The 0.0% Oct-24 Bobl, which serves as the current 5-year
benchmark, was last tapped on October 30 with E2.46bln allotted at an average
yield of -0.58%, Buba cover of 1.70x and bid-to-cover of 1.42x.
- RV/HISTORY: German bunds have been bid this week as fresh concerns over global
trade have spurred safe-haven buying in what has otherwise been a relatively
quiet week for data and policy speeches. The bund curve has bull flattened and
inflation breakevens have lurched lower. The 0.0% Oct-24 Bobl trades at a yield
of -0.598%, up from a low of -0.935% on September 2 and 36bp inside the
comparable EUR swap. Germany will be the only EGB issuer on Wednesday and there
are no significant data releases ahead of the auction.
- TIMING: Auction results will be released around 1030GMT.