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New 7-year Bund

GERMAN AUCTION PREVIEW
  • Germany will come to the market this morning to launch a new 7-year Bund, the Nov-28, the second 7-year Bund following the 0% Nov-27 Bund that was launched in May last year.
  • The 0% Nov-27 Bund was built up to a size of E22.0bln through the launch and subsequent auctions, the last of which was held in September.
  • Demand at these auctions was very strong, with bid-to-covers not falling below 1.59x and bid-to-offers not falling below 1.92x.
  • Using a simple interpolation from the 0.50% Aug-27 Bund and the 0.50% Feb-28 Bund would indicate a yield of -0.513% based on pricing at the time of writing. However, the pre-auction pricing on Bloomberg suggests a yield of -0.497% which suggests the new 7-year Bund is likely to launch at a slight discount to fair value as market participants factor in the supply of the new Bund in upcoming months.
  • Timing: Results will be available shortly after the auction closes at 10:30BST.
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