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Free AccessThe Deutsche Finanzagentur...>
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur re-opens the 1.25% Aug-48
Buxl Wednesday for E1.0bln.
- BACKGROUND: This will be the fifth re-open of the 30-Yr Aug-48 in 2018. Two of
the last three sales (March and May) went technically uncovered (real cover of
0.85x and 0.71x at those auctions, respectively). However the last sale on July
18 saw 1.4x real cover, the highest since November 11 and Buba cover of 1.7x,
selling at average yield of 1.02%.
- RV/HISTORY: Core EGBs have weakened since the beginning of September and the
German long end has been under extra pressure this week amid a move away from
global quality bonds, as well as anticipation of this auction. The Aug-48 is
trading at a 1-month high yield of 1.10%, having risen from an August low of
0.951%. The curve has bear steepened over the past month, with the 25-30-Yr
segment performing worst, up just over 12bps compared with 10bps for 2-Yr and
5-Yr. But the curve remains flat on a historic basis, with 10s30s at 67.1bps, up
just 3bps from the July low and down from the 2018 high of 78.1bps in June.
- 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.