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Strong Bund auction - but little price impact

GERMAN AUCTION RESULTS
  • Note there was very strong demand for the off-the-run 22-year 2.50% Aug-46 Bund at today's auction. The intended increase in issue size was E500mln including allotment, but the DFA increased that to E750mln with E602.88mln allotted after receiving E2.473bln of bids for the issue.
  • This saw a corresponding decrease in the issue size of the on-the-run 15-year 1.00% May-38 Bund (E1.25bln rather than E1.50bln sold) with E1.001bln allotted. However, there was still a respectable E2.379bln of bids for this issue - so the bid-to-offer/cover were still higher than at the November auction even though today's auction was larger (despite being downsized).
  • Both Bunds are trading below their lowest accepted auction price at writing - there has been no bounce higher despite the strong auction, with no notable movement in Bund futures either.
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