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

GERMAN AUCTION PREVIEW: On Wednesday, Germany re-opens its 10-Yr benchmark 0.25%

Feb-29 Bund, for up to E3bln.

- HISTORY: At the last sale on Feb 27, the 10-Yr Bund sold at average yield of

0.12%, Buba cover of 2.5x and real cover of 2.0x.

- BACKGROUND: Global growth concerns and prospects of easier monetary stances in

the U.S. and the eurozone have depressed yields at the long end of the curve.

Since the last 10-Yr auction a month ago, Bund yields have moved back into

negative territory, down 14bps to -0.017%. With the short end anchored on the

curve in the meantime (Schatz are yielding an identical -0.56% vs a month

earlier), the curve has flattened to levels last seen in late 2016. 5s10s has

not been this flat (37bps) since May 2015. Against this backdrop, Wednesday's

sale will be a test of current risk appetite.

- TIMING: Results are due shortly after the auction closes at 1030GMT.