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New 0.10% Apr-33 linker

GERMAN AUCTION PREVIEW
  • Germany will come to the market today to launch the new 0.10% Apr-33 index-linked Bund. E1.5bln will be on offer with the issue to be built up over the coming months to be the new 10-year benchmark.
  • This will be the first German linker to be launched in over five years with both the 0.10% Apr-26 and the 0.10% Apr-46 linkers first sold in 2015.
  • Demand for German linkers has been variable at recent auctions, but we would expect demand to pick up today for two reasons:
    • 1) This is a new issue and there will be previously untapped demand in this part of the curve.
    • 2) With downside risks having rescinded somewhat over the past month or so, and medium-term growth expectations picking up, the reflation trade seems to be back on - and this should benefit linkers.
  • Timing: Results will be available shortly after the auction closes at 10:30GMT.
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