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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur sells the 2-year benchmark 0%
Mar-20 Schatz on Tuesday for up to E4bln in size.
- BACKGROUND: There was large German redemption and coupon payments last week
and these could help support today's Schatz auction. ECB expectations continue
to shift slightly as talk of mid-19 rate hikes grow.
- RV/HISTORY: 2Y Schatz auctions are often technically uncovered, in fact the
last two of three have been. Valuations look a little more enticing though
today. The roll from the Schatz Dec-19 is at 3.5bp up from 2.6bp seen on Mar 23
and the 2Y German yield is the close to 1-month highs as fear of a slow down in
the German economy fades slightly. The asset swap spread for the Mar-20 was
-43bp when it was launched a 2-months ago and is ASW-40.8bp today. At the
auction a month ago, the Buba calculated cover was 1.41x, the yield was -0.59%
(4.2bp above the current yield).
- TIMING: Auction results are due shortly after bidding closes at 0930GMT
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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.