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New 0% Sep-21 Schatz

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to launch its new 0% Sep-21 Schatz for E6bln.
  • The last 3 Schatz auctions have all seen technically uncovered auctions (bid-to-cover below 1.00x).
  • The two August auctions (Bobl and 10-year Bund) have both seen higher bid-to-covers than previous auctions, with other sovereigns across the EGB issuing much less through the summer period.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
Previous auction history
IssuedAllottedAvg yieldBid/coverBid/offerPricePre-auct
13-Jul-21E5blnE3.999bln-0.670%0.95x1.18x101.31101.31
15-Jun-21E5blnE4.068bln-0.680%0.97x1.19x101.37101.37
18-May-21E6blnE4.849bln-0.660%0.91x1.13x101.38New
20-Apr-21E5blnE4.085bln-0.690%1.09x1.33x101.31100.30
16-Mar-21E5blnE3.932bln-0.700%1.27x1.61x101.40101.39
02-Feb-21E6blnE4.732bln-0.730%1.03x1.31x101.56New

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