Outsize slide in German 2-yr 産する／生じる amplified by bottlenecks, 支配する change
By Dhara Ranasinghe
LONDON, Feb 21 (Reuters) - A sudden, 法外な 減少（する） in Germany's 2-year 政府 社債 産する／生じる to 記録，記録的な／記録する lows on Tuesday was loosely linked to French 選挙 jitters but has left many 投資家s puzzling over a move way out of kilter with other German and European 社債 market 転換s.
にもかかわらず a plethora of 根底となる and political 影響（力）s, strategists 嫌疑者，容疑者／疑う sharp 拒絶する／低下するs in the two-year 率 are 存在 amplified by bottlenecks in the European Central Bank's 社債 buying programme and some reckon an 切迫した change in European collateral 支配するs surrounding 安全s repurchase 協定s may also be to 非難する.
The two-year German Schatz 産する／生じる 攻撃する，衝突する a 記録，記録的な／記録する low on Tuesday for a second 連続する day, 落ちるing to around minus 0.87 パーセント, and 飛行機で行くing in the 直面する of 報告（する）／憶測s showing euro zone 私的な 部門 and 製造業の 商売／仕事 growth 突然に 加速するing to 近づく six-year highs in February.
And while 投資家 苦悩 ahead of French 大統領の 選挙s in April and May has seen some flight to German from French 政府 負債 in 最近の weeks, the two-year Schatz move ran 反対する to a rise in 10-year bund 産する／生じるs on Tuesday.
What's more, the 産する／生じる 減少（する） on Monday and Tuesday also （機の）カム in the light of more 肯定的な news on Greece's 最新の 政府 bailout 計画（する）, with international lending 監視するs 推定する／予想するd to return to Athens this month, and growing 憶測 about a rise in U.S. 利益／興味 率s since March.
"The short end of the German 産する／生じる curve is now 完全に 独立した・無所属 from all the 大型の moves, ECB 政策 and doesn't really correlate with the long end of the curve either," said Peter Schaffrik, 長，率いる of European 率s 戦略 at RBC 資本／首都 Markets.
"What I think is 運動ing it is a 不足 of the 資産 itself."
In essence, said 分析家s, there is a mismatch between 供給（する） and 需要・要求する in short-時代遅れの German 負債.
On the 供給（する） 味方する, the German 政府 計画（する）s to 問題／発行する 1 billi on euros いっそう少なく in two-year 負債 this year than in 2016.
The high 需要・要求する 茎・取り除くs partly from the European Central Bank, which is buying German 社債s for its 資産 刺激 programme, and from 投資家s such as 投資 基金s that need high-質 負債 as collateral to raise money in markets and 保証（人） their 貿易（する）ing positions.
投資家s may also be buying up high-質 政府 社債s ahead of new European Union 支配するs coming in next month that 要求する banks and other 投資家s to 持つ／拘留する extra collateral against intra-day price swings on 確かな derivative 契約s.
FRENCH JITTERS
A squeeze on short-時代遅れの 負債, 押し進めるing 産する／生じるs 負かす／撃墜する, has been 悪化させるd in 最近の days by 高くする，増すd 投資家 nervousness about フラン's 予測できない 大統領の race.
Germany is the euro zone's （判断の）基準 issuer and its 社債s are regarded as の中で the safest 資産s in the world.
While two-year German 社債 産する／生じるs have fallen 10 basis points in just three 貿易（する）ing 開会／開廷／会期s, German one-year 財務省 法案s and five-year 社債 産する／生じるs are 負かす／撃墜する いっそう少なく than half that over the period. German 10-year 負債 is 負かす／撃墜する only 2 basis points in that time and were 現実に higher on the day on Tuesday.
"The strength in the German Schatz 社債 示唆するs this is a story about a scarcity of German 負債 and about 供給（する） and 需要・要求する," Commerzbank 率s strategist Rainer Guntermann said.
And with the Schatz 産する／生じる 深く，強烈に in 消極的な 領土, 投資家s are willing to 支払う／賃金 - rather than be paid by the German 政府 - to 持つ／拘留する German paper.
The 急落（する），激減（する） in short-称する，呼ぶ／期間／用語 German 社債 産する／生じるs is also 反映するd in a rare 相違 with Eonia money market 率s. http://reut.rs/2mhAOEV
The two have had a の近くに 関係 in the past, with both seen as signals on the 見通し for 経済成長 and 通貨の 政策. But with the German 産する／生じるs now driven by scarcity problems, money market 率s may 申し込む／申し出 a better guide to where markets see ECB 政策 率s going, 分析家s said.
"Eonia 率s are now a much bett er guide of where the market sees ECB 政策 and the two-year German two-year 産する／生じる is just living its own life," RBC's Schaffrik said.
(Graphic by Nigel Stephenson; Editing by Alison Williams)
