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Germany will tap the.........>

GERMAN AUCTION PREVIEW: Germany will tap the market for E3bln on Wednesday. On
offer is the 0.0% Bobl Oct-24. 
- BACKGROUND: The 0.0% Bobl Oct-24 was last re-opened on August 7 with E4.0bln
allotted at an average yield of -0.79% and bid-to-cover ratio of 0.78x.
- RV/HISTORY: The 0.0% Bobl Oct-24 currently trades at a yield of -0.926%,
marginally above the record low of -0.934% hit on Monday and 42bp inside the
comparable EUR swap. German bund yields have pushed sharply lower since mid-July
and are holding near the lows. There has been limited sign on the economic front
of a turnaround in domestic or regional activity, with the ECB still expected to
deliver a fresh easing package at next week's meeting. There is decent supply
coming to market this year with German, Spain and France selling a combined
- TIMING: Results are due after the auction closes at 1030GMT. 

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