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Germany Will Sell E4bn of the 0% Sep-22 Schatz on Tuesday

GERMAN AUCTION PREVIEW
Germany will offer EUR4bn of the 0% Sep-22 Schatz on Tuesday.
  • BACKGROUND: The 0% Sep-22 Schatz serves as the 2-year benchmark and was last tapped on 22 September with E4.02bn allotted at an average yield of -0.73%, Buba cover of 1.65x and bid-to-cover of 1.33x.
  • RV/HISTORY: Bunds started the week on a quiet note, but have so far held on to last week's gains amid a pronounced sell-off in EGBs more broadly. The 0% Sep-22 Schatz has rallied sharply since the beginning of October and trades 27bp inside the comparable EUR swap. In the absence of tier one data until the end of the week, price action will be governed by the Covid-lockdown newsflow and flurry of ECB speakers.
  • TIMING: Results are due out shortly after the auction closes at 1030BST.
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