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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur auctions its 5-year benchmark
0% Oct-22 Obl S176 for up to E4bln on Wednesday.
- BACKGROUND: This is just the second outing for this Obl. The 5Y auctions have
been heavily afflicted from low bidding but all of the German cover ratios have
improved lately. A bigger problem is a seasonal vacation one.
- RV: Yields on 5Y German paper have been declining for over a month and the
yield is -0.24% compared to -0.14% at the auction in early July. The 5Y Obls
have also outperformed swaps by a couple of basis points since in the past
month. The 2-5Y curve has flattened an will limit small extensions. With North
Korean events and some strange movements in the HK$ today, the German market
should be the safe-haven in the storm.
- HISTORY. Last month saw a yield of -0.14% and a Buba calculated cover of 1.4x,
although a proper cover ratio was 1.13x.
- TIMING: Auction results are due shortly after bidding closes at
0930GMT/1030BST
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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.