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GERMANY WILL TAP THE 1.25% Aug-48 Bund For E1.5bn On Wednesday

GERMAN AUCTION PREVIEW

Germany will return to the market on Tuesday for the second time this week. On offer is E1.5bn of the 1.25% Aug-48 bund.

  • BACKGROUND: At the last auction of the 1.25% Aug-48 bund on July 22, E1.26bn was allotted at an average yield of -0.06%, Buba cover of 2..4x and bid-to-cover of 2.02x. There was robust demand for the 0% Nov-27 bund sold on Tuesday (E3.279bn allotted, Buba cover 2.2x, bid-to-cover, 1.81x), with the Deutsche Finanzagentur also allotting E7.49bn of 6- and 12-month bubills on Monday.
  • RV/HISTORY: Trading in bunds has been mixed since the start of the week, with little discernible direction since the beginning of September. The 1.25% Aug-48 bund currently trades at a yield of -0.0657%, towards the middle of the YTD range and 10bp inside the comparable EUR swap. The European data slate will be light heading into the Wednesday auction with no obvious catalysts for price action.
  • TIMING: Results are due shortly after the auction closes at 1030BST.
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