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Short-Term Pullback Extends

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BLOCK, 10Y Weekly Midcurve Call Spd

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Sep'23/Red Dec'23 SOFR Call Spd Strip

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On Wednesday, Germany........>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: On Wednesday, Germany sells E3bln of the 10Y bmk, 0.5%
Feb-28 
- BACKGROUND: This is just the third outing for this particular security. There
are no coupon or redemption payments in the core but month-end extensions on
Wednesday should help.
- RV/HISTORY: On the positive side, the 10Y yield is 0.659% is fairly generous
compared to the past few years and ahead of weekend elections in Italy,
peripheral debt might be shunned. However, the flattening of the yield curve in
the past 10 days makes small month-end extension type trades appear less
attractive, as is the hedge with the RXH8 futures contract. The spread to the RX
CTD is just 11.6bp, about 2.5bp lower than the peak in January and 10Y Germany
is the most expensive versus swaps since mid-January. It may be a tough auction.
- RESULTS: Auction results are due shortly after bidding close at 1030GMT.

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