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

GERMAN AUCTION PREVIEW: Germany will re-open the 0.50% Apr-30 iBund and the

0.10% Apr-46 iBund for a combined E0.6bn on Tuesday.

- BACKGROUND: Previous auction results (date, volume allotted, average yield,

Buba cover, bid-to-cover): 0.50% Apr-30 iBund (3 March, E0.18bn, -1.51%, 2.83x,

2.06x), 0% Apr-46 iBund (4 February, E0.18bn, -1.24%, 2.1x, 1.2x).

- RV/HISTORY: German bunds have started the week on the backfoot after markets

were closed on Friday for Labour Day and the ECB on Thursday disappointed those

seeking an expansion to the PEPP facility. Market-based measures of inflation

expectations remain depressed with the EUR 5y5y forward inflation swap trading

at 0.90% and around 20bps above the record low. It is a similar story for German

breakevens, with the 10-year benchmark trading at 0.49%, 26bps above the

all-time low posted in March. There are no significant data releases ahead of

the Tuesday auction, but simmering tensions between the US-China with President

Donald Trump criticising Beijing's handling of the coronavirus crisis, provides

a potential flashpoint.

- TIMING: Results are due out shortly after the auction closes at 1030BST.