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Germany Will Sell The 0% Oct-25 Bobl On Wednesday

GERMAN AUCTION PREVIEW

Germany will come to market for a tap of EUR4bn on Wednesday. On offer is the 0% Oct-25 Bobl.

  • BACKGROUND: At the previous auction of the 0% Oct-25 Bobl on 1 September, E3.32bn was allotted at an average yield of -0.69%, Buba cover of 1.82x and bid-to-cover of 1.51x.
  • RV/HISTORY: German sovereign bonds have rallied in September as the regional economic outlook has deteriorated somewhat on the back of surging coronavirus infections. The 0% Oct-25 Bobl trades at yield of -0.727%, down from a September peak of -0.644% and inching towards multi-month lows. The Bobl trades 30bp inside the comparable EUR swap. Yesterday's preliminary CPI data for September came in significantly below expectations (-0.4% Y/Y vs -0.1% Survey), raising the prospect of a possible downshift in inflation expectations which would keep bunds supported. There are no significant data releases ahead of the Wednesday auction.
  • TIMING: Results are due out shortly after the auction closes at 1030BST.
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