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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: Having touched a 2018 low of -0.622% on May 21, the yield on the
current 2-year benchmark has since snapped back to -0.566% today. The 2-year is
also trading 45.8bps inside the comparable euro swap while The 2-5YR curve has
flattened to 48.5bps on May 23 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 market is pricing a mid-point of -0.57% for the new issue, which
indicates 5bps pickup over the current 2-year benchmark. This compares to 7bps
pickup at the time of the Mar-20 issue in February. 
- TIMING: Results are due soon after the auction closes at 0930GMT.

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