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GERMANY WILL TAP THE 0% OCT-25 BOBL ON WEDNESDAY

GERMAN AUCTION PREVIEW

Germany will come to market on Wednesday to auction EUR5bn of the 0.0% Oct-25 Bobl.

- BACKGROUND: At the last auction of the 0.0% Oct-25 Bobl on July 8, E4.22bn was allotted at an average yield of -0.66%, Buba cover of 1.90 and bid-to-cover of 1.64.

- RV/HISTORY: While the historic agreement on a regional recovery fund, financed by EC borrowing, has been positively received by markets, concerns about a second wave of the coronavirus in Europe and heightened uncertainty over the economic outlook as reinforced the bid in bunds. The entire curve has shifted back into negative territory over the past month with long-end yields back towards April/May lows. The 0.0% Oct-25 Bobl now trades at a yield of -0.733%, off a YTD high of -0.414% on March 19 and 34bp inside the comparable EUR swap.

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

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