Free Trial

The Deutsche..........>

GERMAN T-BILL AUCTION PREVIEW
GERMAN T-BILL AUCTION PREVIEW: The Deutsche Finanzagentur launches a new 6-month
Dec 5, 2018 Bubill for up to E3.0bln on Monday.
- BACKGROUND: This is the first new Bubill since the Oct 10, 2018 bubill was
launched back on Apr 9. The Dec 5, 2018 bubill will be tapped on Jul 9 and then
again on Sep 24.
- RV: The grey market is indicating a mid-yield for the new Dec 5, 2018 Bubill
is at -0.623% according to Tradeweb and is -26.7bp versus Eonia and is currently
a 0.2bp premium vs the Oct 10, Bubill.. This compares to a spread of a -24.6bp
seen at the last 6-month Bubill auction.
- HISTORY: For comparison at the last 6-month Bubill auction on May 28, the
finance ministry sold E950mln at an average yield of -0.6047%, cover of 2.7
times and E1.05bln or 2.5% retained for secondary market operations. Average
cover for bubill auctions this year is 1.7 times.
- REDEMPTION: There will be no Bubill redemption this week, therefore leaves net
cash flow negative to the tune of E3.0bln which is seen weighing on demand.
- TIMING: Results due to be announced shortly after bidding closes at 0930GMT.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.