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Germany will offer EUR1.5bn of the 0% Aug-50 Bund on Wednesday.

GERMAN AUCTION PREVIEW

Germany will offer EUR1.5bn of the 0% Aug-50 Bund on Wednesday.

  • Previous auctions over the last six months have seen solid demand at the long end of the curve with bid-to-cover ratios for 30-year bunds in the 1.1-2.4x range. However, the last 30-year tap was on the 20th of January, before EGBs sold off sharply and curves bear steepened.
  • Long-end selling has stabilised somewhat in March following the sharp correction in February, but trading remains choppy.
  • At the last auction of the 0% Aug-50 bund, E1.5bn was sold and EUR1.23bn allotted at an average yield of 0.10%, Buba cover of 1.31x and bid-to-cover of 1.08x.
  • There is a clear path to this morning's auction with no significant data releases for Germany or the Euro area that could trigger price action. The Eurozone CPI print for February, published at 1000GMT, will be a final reading and is not expected to change.
  • Results are due shortly after the auction closes at 1030GMT.
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