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

GERMAN AUCTION PREVIEW: Germany will re-open the 0.0% Oct-24 Bobl on Wednesday

for E3.0bln.

- BACKGROUND: The 0.0% Oct-24 Bobl was last tapped on October 2 with E2.32bln

allotted at an average yield of -0.77%, Buba cover of 2.50x and real

bid-to-cover of 1.96x. The issue serves as the 5-year benchmark. 

- RV/HISTORY: Having plunged into negative territory ahead of the ECB GC

meeting, long-end German bund yields have pushed higher through October with the

curve bear steepening. Although bunds have sold off across the curve, the

sub-30-year section remains negative yielding. The 0.0% Oct-24 Bobl currently

trades at a yield of -0.591% off a record low of -0.935% on September 2. The

bond trades 36bp inside the comparable EUR swap. 

- TIMING: Results are due out around 1030 GMT.