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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
On Wednesday, Germany........>
GERMAN AUCTION PREVIEW: On Wednesday, Germany sells E5bln of the new 10Y bmk,
0.5% Feb-28
- BACKGROUND: Every January there is an eagerly-awaited brand new German 10Y
benchmark. This time last year the E5bln on offer saw E7.13bln bid. However,
cover ratios in the 10Y auctions have been trending lower and the past two 10Y
auctions have been technically uncovered. Thursday should conclude Grand
Coalition talks in Germany and these talks will not help foreign demand. there
are no reinvestment flows to help on Wednesday.
- RV/HISTORY: The German 10Y swap spread makes 10Y German debt look cheap, at
least based upon the recent movement. However, the yield curve is fairly flat
between 5Y and 10Y and the curve flatness may also discourage hedging the
auction with the Bund future. The roll to the Bund 0.5% Aug-27 is trading at
around 6.6bp today. At the previous 10Y auction, the yield was 0.30%. The 6
auction average bid-cover ratio is 1.4x (Buba calc) and 1.13x including the
retained amount.
- RESULTS: Auction results are due shortly after bidding close at 1030GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.