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Slightly soft Schatz auction

GERMAN AUCTION RESULTS
  • The Schatz auction was slightly disappointing with a drop in the bid-to-off / bid-to-cover despite a smaller auction size, and the lowest accepted price was below the pre-auction mid-price.
  • However, the slightly wider tail was probably exacerbated a bit by the move to a low of 99.914 around 17 minutes before the auction cut-off time. When compared the lowest accepted price of 99.935 is compared to 99.914 the auction doesn't look as soft as at first glance.

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