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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur re-opens the 10-Yr benchmark
0.25% Aug-28 Bund on Wednesday for E3bln.
- BACKGROUND: The Aug-28 was launched on July 11, selling at 1.3x real cover
(1.6x Buba cover), and average yield of 0.36%. The sale will bring German
issuance to 65% of the 2018 funding target, versus 63% currently.
- RV/HISTORY: Bunds have been under pressure since the beginning of July, with
the most recent catalyst being speculation the Bank of Japan would allow a
significant rise in long-end JGB yields, potentially impacting global bond
markets. Although that particular risk failed to materialise, the German curve
remains steeper, though most of the weakness has been in the belly, with the
rise in 10-Yr to 30-Yr at a fairly uniform 7-8bps. 10-Yrs have drifted cheaper
versus swaps in July, with the spread moving from near multi-year extremes at
-58bps to -58bps according to Tradeweb data, but this is still a premium versus
the 1-Yr average of -46bps. Net supply is likely to be supportive, with around
E37bln net cash flow returned to market this week.
- TIMING: Results are due soon after the auction closes at 0930GMT
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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.