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GERMAN AUCTION PREVIEW: Germany will re-open the 0.0% Aug-50 bund for E1.5bln on
- BACKGROUND: The 0.0% Aug-50 bund serves as the current 30-year benchmark and
was last re-opened on September 18 with E0.95bln allotted at an average yield of
0.05%, Buba cover of 1.2x and bid-to-cover ratio of 0.76x.
- RV/HISTORY: Long-end bund yields have pushed higher since August from deeply
negative territory. This has been driven by a mildly positive shift in risk
sentiment on the back of an improvement in global economic data, speculation of
a near-term US-China trade deal and the reduced probability of a disorderly
no-deal Brexit. The 0.0% Aug-50 bund trades at a yield of 0.183% from a record
low of -0.273% in August and 30bp inside the comparable EUR swap. It will be
relatively quiet on the data front on Wednesday, with no obvious catalysts to
move the meter ahead of the bund auction.
- TIMING: Results are due out around 1030GMT.