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Mixed 30y Bund auction

GERMAN AUCTION RESULTS
  • The 1.25% Aug-48 Bund results were decent with the lowest accepted price above the pre-auction mid-price although the bid-to-offer and bid-to-cover were both lower than seen in February.
  • The 0% Aug-52 Bund auction was technically uncovered again (as in February). The lowest accepted price was also lower than the prevailing mid-price (also as in February).
  • The price of both Bunds on offer today has moved to the lows of the day post-auction and below the lowest accepted price in the auction.

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