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New 0% Apr-26 Bobl

GERMAN AUCTION PREVIEW
  • Germany will return to the market tomorrow to launch the new 0% Apr-26 Bobl. E5bln will be on offer.
  • The previous Schatz launch in July saw bids of E8.2bln with E4.2bln allotted. Since then auction sizes have been a bit smaller but the allotted volumes have remained just north of 80% of the issuance volume.
  • We expect another decent auction tomorrow with around E4.2bln allotted and a buba cover of around 2x.
  • Timing: Results will be announced shortly after the auction closes at 10:00GMT.

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