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On Wednesday the Deutsche....>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: On Wednesday the Deutsche Finanzagentur will look for
E1.5bln through the re-opening of the 2.50% Aug-46 Bund. 
- HISTORY: The results of the last auction of the above bond is below: 
2.50% Aug-46: average yield 0.94%, cover 1.59x, on 15/08/2018. 
- BACKGROUND: Bunds rallied last week with recessionary Eurozone data pushing
investors towards safe havens EGBs and causing yield curves to flatter across
the Eurozone. However renewed risk sentiment this week has seen Bunds reverse
much of their monthly gains. 
The 2.50% Aug-46 Bund currently trades at a yield of 0.755% up roughly 1bps on
the month, whilst the comparable benchmark (Aug-48) trades at 0.756%.   
- TIMING: Results are due shortly after the auction closes at 1030GMT. 

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