German Bond Auction Failure Today

This is a discussion on German Bond Auction Failure Today within the General Trading Chat forums, part of the To Be Sorted category; Originally Posted by scose-no-doubt Anyway how do you know who's buying? Can you find size and duration too? I don't ...

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Old Nov 23, 2011, 5:23pm   #17
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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, 5:33pm   #18
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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!
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Old Nov 23, 2011, 5:40pm   #19
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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, 4:51am   #20
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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, 6:58am   #21
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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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Old Nov 24, 2011, 3:14pm   #22
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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?
Not sure what you mean.

Auctions are priced based on the supply/demand dynamics and the exact methodology varies by issuer.

Prices and yields are one and the same, really.
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Old Nov 24, 2011, 5:29pm   #23
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I'll come back to you when I figure out how to put exactly what I'm thinking into words.
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Old Nov 25, 2011, 12:59pm   #24
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I'll come back to you when I figure out how to put exactly what I'm thinking into words.
No probs...
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