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GERMAN AUCTION PREVIEW
GERMAN AUCTION PREVIEW: The Deutsche Finanzagentur will tap the 0.00% Oct-23
Bobl for E3.0bln on Wednesday. 
BACKGROUND: The Oct-23 is the 5-year benchmark with E10.0bln outstanding. The
Deutsche Finanzagentur has currently met 86% of its planned issuance for 2018. 
RV/HISTORY: German bunds have rallied since the 2nd week of October amid wider
eurozone uncertainty and the curve has has bull flattened. The 2-year benchmark
yield trades at -0.607%, down 5.2bps from Oct 8, while the 10-year trades at
0.435%, 9bps down from its Oct 8 level. At the last tap of the Oct-23 Bobl on
Sep 26, E2.424bln was allotted at an average yield of -0.004%, a bid-to-cover
ratio of 1.55x and Buba cover of 1.9x. The issue currently trades at -0.149%
down from -0.071% on Oct 8, and 53bps inside the comparable EUR swap. 
REDEMPTIONS: There are no German redemptions planned for this week. 
TIMING: Results are due shortly after the auction closes at 0935GMT.

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