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GERMAN T-BILL AUCTION PREVIEW
GERMAN T-BILL AUCTION PREVIEW: The Deutsche Finanzagentur will tap the market on
Monday for E3.0bln, on offer is new 6-month Aug 14 2019 Bubill. 
- HISTORY: This is the first 12-month Bubill auction of 2019. 
- BACKGROUND: There has been a bit of a risk off move in global bond markets
over the past days, 10y Bund yields 3.4bp lower on Friday at 0.081% with Schatz
down 0.4bp at -0.582%. 
Last week saw a plethora of bad data with German and Italian industrial
production among the most notable. The European Commission has also downgraded
Italy's growth forecast (something that rarely has any market impact but shows
how sensitive the market is to bad news at the moment. 
- TIMING: Results will be due shortly after the auction closes at 1030GMT.

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