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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur unusually sells 2 linkers
today for E0.5bln each: Bundei 0.1% Apr 2026 and Bundei 0.5% 30
- BACKGROUND: There are no coupon or redemption payments to help and real yield
carry turns quite negative in March. Linker supply has been elevated in Jan/Feb
2018, but demand has been there. The ECB decision on Thursday may well be quite
influential upon longer dated breakeven developments.
- RV: Real yields have largely risen and fallen with the pattern of nominal
issuance and so the real yield of the Bundei26 is at -0.91%, close to the one
year average of -0.98%. The real yield curve is very flat, likely exaggerated by
the negative carry in March. The Bundei26 to Bundei30 spread is 30bp and the
lowest for almost a year. Bidding at Germany linker auctions is usually good. A
conventionally calculated 6 auction bid-cover ratio is 1.6x or 2.05x when
calculated by the Buba.
- Timing: Auction results are due shortly after bidding closes at 1030GMT.
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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.