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New Feb-32 Bund

GERMAN AUCTION PREVIEW
MNI (London)
  • Germany will come to the market today for their second auction of the year to launch the new 10-year Bund with E4bln on offer.
  • On offer will be a Feb-32 Bund. ISIN: DE0001102580.
  • Similar past auctions: Germany launched two conventional 10-year Bunds last year; the 0% Aug-31 Bund on June 16 and the 0% Feb-31 Bund on January 6. These auctions both issued E5bln at their launch, with E4.08bln and E4.12bln allotted respectively. The more recent 0% Aug-31 Bund saw a yield of -0.190% and a bid-to-cover of 1.08x (bid-to-offer 1.33x) at its opening auction. The last two auctions of this 10-year Bund were on December 8 and November 10 last year and saw E2.50bln and E2.46bln allotted, resulting in negative yields of -0.380% and -0.290%. The December bid-to-cover was 1.11x (bid-to-offer 1.33x), whilst the November auction was technically uncovered at 0.93x (bid-to-offer 1.14x).
  • Timing: Results are due shortly after the auction closes at 10:30 GMT / 11:30 CET.
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