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

E15.25-18.25bln.

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