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GERMAN T-BILL AUCTION PREVIEW
GERMAN T-BILL AUCTION PREVIEW: The Deutsche Finanzagentur sells E2.0bln of the
6-month Feb 13, 2019 Bubill on Monday.
- RV/HISTORY: The German bund curve has flattened throughout 2018 with the 2s10s
spread narrowing to 93.96bps from a YTD high of 132.68bps on February 12. In
line with the slowdown in economic activity, market based measures of inflation
compensation have fallen, with the 5-year breakeven trading down to 1.16% from
1.38% on April 25. The Feb 13, 2019 Bubill currently trades at a yield of
-0.630% up from -0.654% on August 24.
- REDEMPTIONS: There are E28bn in Eurozone redemptions next week, although no
German-specific redemptions.
- TIMING: Results are due shortly after bidding closes at 0930GMT

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