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Germany will offer EUR5bn of the 0% Sep-22 Schatz on Tuesday.

GERMAN AUCTION PREVIEW

Germany will offer EUR5bn of the 0% Sep-22 Schatz on Tuesday.

  • BACKGROUND: At the last auction of the 0% Sep-22 Schatz on 25 August, EUR6bn was sold and EUR4.9bn was allotted at an average yield of -0.69%, Buba cover of 1.97x and bid-to-cover of 1.61x.
  • RV/HISTORY: Bunds rallied sharply at the start of the week, particularly at the longer end, alongside a broad equity sell-off reflecting fresh concerns about the regional economic recovery. With the Fed, ECB and BoE September policy meetings now in the rearview mirror, markets will increasing take their cue from the trajectory of coronavirus infections in Europe. Absent a marked shift in the path of infections, bunds will remain well supported. The data slate will be light heading into the Tuesday auction with no Tier 1 releases to note.
  • TIMING: Results are due shortly after the auction closes at 1030BST.
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