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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Real-time insight of oil & gas markets
- CreditCredit
Real time insight of credit markets
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- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur re-opens its 5-year Obl 0.00%
Oct-22 issue on Wednesday for up to E3bln in size.
- BACKGROUND: There are no coupon or redemption payments to help this but the
market is abuzz with talk of ECB PSPP buying in the secondary market.
- RV: Outright, the yield is -0.373%, just one basis point above the low since
June. Also unfortunately, the spread of the Obl Oct-22 to that of the CTD into
the Bobl contract, the Bund 1.75% Jul-22, has narrowed in the past two weeks.
The 2-5Y German spread is the flattest since mid-September and the spread
against the previous Obl benchmark, the Obl S-175 has also narrowed
substantially. German debt also looks expensive to the swap curve. Where value
does exist is against semi-core and peripheral markets as many spreads are close
to multi-month lows helped by nearly everybody suggesting carry trades given the
tame ECB outlook. Auction may be tough despite the smallish E3bln size. Six
month auction average bid-cover is 1.37x, yield was -0.36% at previous auction.
- RESULTS: Auction results are due around 1035GMT.
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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.