Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.