Free Trial

Germany will come to.........>

GERMAN AUCTION PREVIEW: Germany will come to market on Tuesday for a tap of
E4.0bln. On offer is the 0.0% Dec-21 Schatz.
- BACKGROUND: At the last auction of the 0.0% Dec-21 Schatz, E4.0bln was
allotted at an average yield of -0.62%, Buba cover of 1.90x and bid-to-cover of
- RV/HISTORY: Having sold off over the course of September-October, German bunds
have stabilised since the beginning of November. The bear steepening trend has
similarly run aground. Markets are focused on the upcoming Fed and ECB meeting
this week (as well as Thursday's general election in the UK), which will likely
keep bunds range bound. The 0.0% Dec-21 Schatz trades at a yield of -0.643% 32bp
inside the comparable EUR swap.
- TIMING: Results are due around 1030GMT.

To read the full story



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.