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ILBs on Offer

GERMAN AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E400mln of the 0.10% Apr-26 ILB (ISIN: DE0001030567)
    • E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575)
  • Market colour: Linker yields rose substantially over August, albeit remaining 25-30bp below the mid-June peaks. 0.10% Apr-26 ILB yields are up around 96bp from Aug 1, currently around 6bp below recent highs at -1.465%. 0.10% Apr-46 ILB yields increased around 58bp since the beginning of August, and currently stand around -0.568%.
  • Breakevens to the 0% Oct-26 Bobl rose around 58bp from Aug 1 to the Aug 22 high, and have since fallen back around 65bp to approx. 273.9bp at the time of writing. LT ILB breakevens to the 2.50% Aug-46 Bund remain around 34bp off May 2 highs, currently around 228.8bp having fallen by around 11bp over the last two weeks.
  • Timing: Results will be available shortly after the auction closes at 1030 BST / 1130 CEST.

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