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GERMAN T-BILL AUCTION PREVIEW
GERMAN T-BILL AUCTION PREVIEW: The Deutsche Finanzagentur will tap the 6-month
Dec 15, 2018 Bubill for E2.0bln on Monday.
- RV/HISTORY: For comparative purposes, the last auction of a 6-month Bubill was
the Feb 13, 2019 with E2.0bln allotted at an average yield of -0.6205%,
bid-to-cover ratio of 1.7x and Buba cover ratio of 2.2x. The Dec 15, 2018 Bubill
has rallied since early September, with the yield pushing down to -0.628% from a
YTD high of -0.577% on September 6 and trading 39.2bps inside the comparable EUR
swap. 
- REDEMPTIONS: There are an estimated E11bln in EGB redemptions for the week
beginning September 24.
- TIMING: Results are due shortly after the auction closes at 0930GMT.

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