German Bond Auction Failure Today

This is a discussion on German Bond Auction Failure Today within the General Trading Chat forums, part of the Reception category; Originally Posted by scose-no-doubt What's that cos they've had their fill of treasuries through intervention? Suppose sterling is the next ...

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Old Nov 23, 2011, 10:01pm   #15
 
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Re: German Bond Auction Failure Today

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Originally Posted by scose-no-doubt View Post
What's that cos they've had their fill of treasuries through intervention? Suppose sterling is the next logical bastion after us & eur.
Do they have a program or something or is this to do with fx again?

Could be a nice short there if the purse is finite lol
Well, I have no idea what their exact reasons might be, but maybe they feel that when you're getting out of EUR, you wanna get into something that's close to it, like GBP. And yes, maybe they feel that they have enough treasuries already and sterling is a logical candidate. I don't think it's a program of any sort.

Yep, there are some nice shorts in the gilt market, if you feel particularly brave.
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Old Nov 23, 2011, 10:05pm   #16
 
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Re: German Bond Auction Failure Today

Well I can't (be arsed learning to) price them the quanty way so it's a no go.

Tried to re-jig the the excel downloads you find floating about with little success. And they're all american anyway!

Anyway how do you know who's buying? Can you find size and duration too?
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Old Nov 23, 2011, 10:23pm   #17
 
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Re: German Bond Auction Failure Today

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Anyway how do you know who's buying? Can you find size and duration too?
I don't *know* anything, sire... It's all just guessing and flows reported sometimes by the dealers (sometimes they keep the info for themselves).
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Old Nov 23, 2011, 10:33pm   #18
 
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Re: German Bond Auction Failure Today

How very dare you purport that these fine gentlemen (and ladies!) would unscrupulously act on information not available to the public!
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Old Nov 23, 2011, 10:40pm   #19
 
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Re: German Bond Auction Failure Today

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How very dare you purport that these fine gentlemen (and ladies!) would unscrupulously act on information not available to the public!
There's nothing really unscrupulous about it... At best they only have one small piece of the puzzle, which means they're really guessing along with everyone else.
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Old Nov 24, 2011, 9:51am   #20
 
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Re: German Bond Auction Failure Today

MG few questions if yo might, chaperoo.
Is it strictly true that the auctions are priced so that there is no economic benefit or non-arb potential on issuance?
Is actual yield dynamic depending on price of the bond or do rates always adjust accordingly?
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Old Nov 24, 2011, 11:58am   #21
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Re: German Bond Auction Failure Today

You have to admire the German stance on the ECB involvement in all of this. Merkels recent speach was especially encouraging. At least to this point they are proving themselves to be a cut above the rest.

Long may it continue.
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