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Free AccessToday, Germany sells E3bln...>
GERMAN AUCTION PREVIEW: Today, Germany sells E3bln of the 5-yr benchmark 0.0%
Obl Apr-23.
- BACKGROUND: This is the fourth tranche of this Obl. Cover at the last Obl
auction picked up mainly due to the lower amount on offer but with no redemption
or coupon payments due from core EGBs markets this week, it could fail to
attract decent demand.
- RV/HISTORY: Yield slipped below 0% last week but remains above all time low
for this bond of -0.117% and is currently seen at -0.052% but above the average
seen at last auction on Apr 4. The spread between the old benchmark the Oct-22
and the new, the Apr-23 is 10.4bp towards the middle of its range. Versus other
core EGB markets the Bobl has underperformed with spread to Jul-23 DSL now -7bps
close to tightest levels, while is -10bp vs May-23 OAT just off low of -9bps.
The 6 auction average Buba-calculated bid-cover ratio is 1.46x, or 1.19x when
the cover ratio is calculated more conventionally.
- RESULTS: Auction results are due shortly after bidding close at 0930GMT.
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.