Trial now
RUSSIA

CPI Data In Focus Ahead of Final CBR for 2021

POLAND

10Y Yield Approaching Key Support At 3%

EQUITIES

Estoxx spread trades in 20k

The Deutsche Finanzagentur...>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur taps the 2.50% Jul-44 Bund
for E1.5bln in size.
- BACKGROUND: Today's auction of the 0.0% Jun-20 Schatz was technically
uncovered as was the case for half of the previous eight auctions. However,
speculation that the EU may issue a joint statement showing support for Angela
Merkel may help alleviate domestic political risks and ease pressure on bunds.
- RV/HISTORY: The Jul-44 rallied sharply during the second half of May, before
reversing in the early part of June. The yield currently trades at 1.052% and is
46bps inside the comparable EUR swap. The German sovereign curve has steepened
over the course of May and June with the 5s30s spread widening to 138bps from a
2018 low of 122bps on January 31.
- TIMING: Results are due soon after the auction closes at 0935GMT