Newsquawk Daily Bond Auction Preview - 30th September 2026

Germany to sell EUR 5.5bln 3.00% 2036 Bund Analysis: Currently, the 10yr yield trades at 3.56%, coming off the peak of 3.65% seen on Monday. Global fixed income continues to be driven by the price action in energy. A lack of a deal between the US and Iran regarding the Strait of Hormuz is keeping energy prices at elevated levels; however, Iranian FM Araghchi recently confirmed that they have received a US proposal regarding Iran's seven-point proposal. Keeping EUR rates higher is also the recent rise in inflation across the EZ. Spanish HICP topped 5% Y/Y, while the French figure printed at 3.4%, hotter than the 3.1% expected. Ahead of the Nationwide figure, the State CPIs out of Germany also rose across all states, indicating a rise in the mainland later today. In terms of market pricing for the ECB, 24bps of hikes is expected by year-end, while the implied rate is expected to top 3.27% by July 2027. Recent History: 3.00% 2036: b/c 1.47x, average yield 3.39%, retention 23.62%. Results due shortly after the 10:30BST bidding deadline