EMISSIONS: German EU ETS Auction Clears Higher, Greater Participation
The latest Germany EU ETS CAP3 auction cleared at €71.56/ton CO2e, up 4.24% compared with the previous Germany auction at €68.65/ton CO2e according to EEX.
- The auction was at a €0.03/ton CO2e premium to the futures contract, compared with a €0.38/ton CO2e discount in the previous round.
- The cover ratio was at 2.14, compared with 2.19 in the previous Germany auction and above five-year average.
- There was a total of 26 bids with 16 successful bids.
- The mean price was at €71.95/t CO2e and the median price was at €71.32/t CO2e.
- EUA DEC 25 up 0.15% at 73.12 EUR/t CO2e
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GILT AUCTION RESULTS: [Correct] 4.375% Mar-28 Gilt
Corrected to include yield tail.
| 4.375% Mar-28 Gilt | Previous | |
| Amount | GBP4.25bln | GBP4.25bln |
| Avg yield | 4.294% | 4.384% |
| Bid-to-cover | 3.09x | 3.20x |
| Tail | 0.5bp | 0.2bp |
| Avg price | 100.228 | 99.974 |
| Low price | 100.213 | 99.967 |
| Pre-auction mid | 100.218 | 99.961 |
| Previous date | 23-Jan-25 |
GILT AUCTION RESULTS: 4.375% Mar-28 Gilt
| 4.375% Mar-28 Gilt | Previous | |
| Amount | GBP4.25bln | GBP4.25bln |
| Avg yield | 4.294% | 4.384% |
| Bid-to-cover | 3.09x | 3.20x |
| Avg price | 100.228 | 99.974 |
| Low price | 100.213 | 99.967 |
| Pre-auction mid | 100.218 | 99.961 |
| Previous date | 23-Jan-25 |
GERMANY: MNI Publishes Election Preview
Download Full Report Here
Germany goes into a federal election on 23 February amid an upheaval in the country’s political landscape. Deep splits have emerged between major parties concerning the policies required to revive Germany’s flagging economy – and crucially the possibility of reform to the constitutional ‘debt brake’ – as well as how to deal with rising public anger over high levels of immigration and terrorist attacks. These domestic concerns do not exist in a vacuum and come during one of the most turbulent periods for regional and global geopolitics in years.
This Election Preview contains background information on how the election system works, the parties involved, a chartpack of opinion polling, outlooks for the election from financial and energy markets, and a round-up of sell-side analyst views.
