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

GERMAN AUCTION PREVIEW: Germany will come to market on Wednesday to tap the 0.0%

Aug-50 Bund for E1.5bln. 

- BACKGROUND: At the previous auction of the 0.0% Aug-50 Bund on January 15,

E1.11bln was allotted at an average yield of 0.31%, bid-to-cover of 0.81x and

Buba cover of 0.92x.

- RV/HISTORY: There will be considerable uncertainty heading into the Wednesday

auction, which could even be cancelled if market conditions prove too

challenging. Bunds have whipsawed wildly in March as Europe intensified efforts

to thwart the virus. While bunds typically benefit from risk-off demand, in the

current environment of panic-induced volatility and heightened uncertainty bunds

have not been a reliable one-way trade. The 0.0% Aug-50 Bund serves as the

30-year benchmark and currently trades at a yield of -0.116% up from a March low

of -0.490% and 6bp inside the comparable EUR swap.

- TIMING: Results are due out at 1030GMT.