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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur will sell a combined E750mln
of Bund linkers on Tuesday.
- BACKGROUND: On offer are the 0.50% Apr-30 Bundei and the 0.10% Apr-46 Bundei,
which have a combined E19.25bn outstanding.
- RV/HISTORY: German bunds have been relatively volatile over the past month,
but have broadly rallied since the beginning of the year. As a result of the
longer end outperforming the curve has flattened, with the 2s30s spread
narrowing to 160.3bps from a YTD high of 195.4bps. Market-based measures of
inflation expectations have picked up slightly in August, but are down from the
2018 peaks. The benchmark 5-year breakeven trades at 1.16%, up from an August
low of 1.13%, but down from 1.38% in April. The -0.50% Apr-30 BundEi trades at
-0.978% and around the lows of the year. Similarly, the 0.10% Apr-46 BundEi
trades at -0.688%, down from a YTD high of -0.292% and a touch above the -0.727%
low.
- TIMING: Results are due shortly after the auction closes at 0935GMT.
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.