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GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur re-open linkers 15-yr 0.50%
Apr-30 Bundei for up to E500mln and 30-yr 0.10% Apr-46 Bundei for E250mln
Tuesday.
- BACKGROUND: This will be the 5th Linker auction in 2018 with the finance
ministry having already raised E3bln in total out of this years target of
between E6-E10bln. This will be the first tap of Apr-46 Bundei since Jan, while
the Apr-30 was tapped at beginning of March.
- RV: The Apr-30 Bundei trades at a bid real-yield of -0.759%, according to
Tradeweb having richened by around 26.5bps since its last tap on Mar 6, but is
above year-to-date low of -0.794% seen on Apr 11. The 15-yr Linker though trades
close to widest level vs 6.25% Apr-30 Bund. The Apr-46 Bundei trades at a bid
real-yield of -0.446%, according to Tradeweb having richened by around 15.5bps
in last 2-months but is also off year-to-date low of -0.538% seen on Apr 11.
While the 30-yr Bund/linker spread trades in middle of its 2018 range.
- Timing: Auction results are due shortly after bidding closes at 0930GMT.

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