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Germany will sell the 0%.....>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: Germany will sell the 0% Feb-30 bund on Wednesday for
E4bn.
- BACKGROUND: The 0% Feb-30 bund was last sold on 8 April with E3.3bn allotted
at an average yield of -0.34%, Buba cover of 1.80x and bid-to-cover of 1.46x).
- RV/HISTORY: Bunds have lacked direction in April with yields at the longer end
hovering around the middle of the YTD range. The 0% Feb-30 trades at a yield of
-0.475 (@ 1550GMT, 28 Apr) and 39bp inside the comparable EUR swap. Ahead of the
Wednesday auction German regional CPI data for April will be released, which
could be a potential flashpoint. Focus this week will be on the upcoming ECB
meeting on Thursday, although expectations for further substantial policy easing
are relatively low at this stage, given the recent expansion to existing
purchase programmes and the introduction of PEPP. 
- TIMING: Results are due out after 1030GMT

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