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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur re-opens two linkers on
Tuesday: 0.50% Apr-30 Bundei for up to E500mln and 0.10% Apr-46 Bundei for
E250mln.
- BACKGROUND: This will be the 6th linker auction in 2018 and the third tap of
the Apr-30 and Apr-46 this year. The finance ministry has already raised
E3.75bln versus a target of E6-E10bln for 2018
- RV: Since the previous auction on May 8, the real yield for both linkers has
dropped 10-20bp. The Apr-30 trades at -0.882, while the yield on the Apr-46 has
fallen to -0.607 from -0.433 on May 8. This has been driven by the sharp drop in
nominal yields with the benchmark Aug-46 trading at 1.042% from 1.200 on May 8,
while the yield on the benchmark Jan-30 bund has fallen to 0.467% from 0.615%
over the same period.
- HISTORY: Both linkers were tapped on May 8, with E0.5bln 0.50% Apr-30 sold at
real yield of -0.77% and cover of 1.94x and E0.25bln 0.10% Apr-46 sold at real
yield of -0.46% and cover of 1.69x.
- TIMING: Auction results are due shortly after bidding closes to 0930GMT
To read the full story
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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.