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Weak ILB auction

GERMAN AUCTION RESULTS
  • A weak Index-Linked Bund auction with only E434mln allotted across the two issues (with E600mln having been on offer, so a retention ratio of 27.7%).
  • The average price achieved was close to the pre-auction mid-price but there was a notable tail, meaning that the LAP was below the pre-auction mid-price for both issues on offer.
  • The size of the 0.10% Apr-33 ILB was increased to E450mln (from an indicated E400mln) while the 0.10% Apr-46 ILB was increased by E150mln (from an indicated E200mln).

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