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The Deutsche Finanzagentur...>

GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur re-opens the 0.25% Aug-28
bund for E3.0bln on Wednesday.
- BACKGROUND: The 0.25% Aug-28 bund is the 10-year benchmark with E10bln
outstanding. Germany has met 75% of planned issuance for 2018 compared to 77%
for the eurozone. 
- RV/HISTORY: The 0.25% Aug-28 currently trades at a yield of 0.463%, up from
0.333% at the beginning of September and 47.5bps inside the comparable EUR swap.
More broadly, German yields have pushed higher since the start of the month and
the curve has steepened, with the 2s10s spread trading up to 98.5bps from a
month low of 92.4bps. 
- REDEMPTIONS: There are E15.8bln of EGB redemptions this week.
- TIMING: Results are due shortly after the auction closes at 0935GMT

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