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Germany will re-open the.....>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: Germany will re-open the 0.0% Aug-50 bund for E1.5bln on
Wednesday
- BACKGROUND: The the 0.0% Aug-50 bund was last tapped on August 23 with
E0.82bln allotted at an average yield of -0.11%, Buba cover of 1.11x and real
bid-to-cover of 0.40. This issue serves as the current 50-year benchmark.
Germany has met 74% of the YTD target, marginally ahead of issuance for the same
period a year ago. 
- RV/HISTORY: Following the sharp rally from mid-July on the back of
intensifying global economic headwinds and expectations of a fresh QE programme
from the ECB, German bund yields have pulled back since mid-August and the curve
has bear steepened. Although the ECB announced an open-ended QE programme in
September, the smaller than expected run-rate (E20bn/month) and lack of clarity
on whether the issue(r) limits would be raised, have weighed slightly on
regional debt markets. The 0.0% Aug-50 bund trades at a yield of 0.087% up from
a low of -0.273% on August 15 and 29bp inside the comparable EUR swap.
- TIMING: Results are due after the auction closes at 1030 GMT.
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