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The Deutsche Finanzagentur...>

GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur sells a new 2-year 0.0%
Jun-20 Schatz issue on Wednesday for up to E5.0bln in size.
- BACKGROUND: The most recent 2-year bond issued in February was uncovered, but
the subsequent taps in April and March attracted more interest, with the Buba
calculated cover increasing to 1.4x and 2.6x.
- RV/HISTORY: The yield on the current 2-year benchmark has fallen by around
6bps since the last tap in April to -0.617% today and is trading at the lower
end of the 2018 range. The 2-year is also trading 46.6bps inside the comparable
euro swap while The 2-5YR curve has flattened to 53.3bps on May 22 from a month
high of 57.2bps on May 17. With little in the way of economic data releases over
the past week yields have been driven down by the regional safety bid in light
of political uncertainty in Italy. The grey market is pricing a mid-yield of
-0.575% for the new issue, which indicates 4.2bps pickup over the current 2-year
benchmark. This compares to 7bps pickup at the time of the Mar-20 issue in
- TIMING: Results are due soon after the auction closes at 0930GMT.

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