Denmark September T-bill looks cheap

Currently the Danish Sep 2015 T-bill looks cheap relative to the German and French equivalent when accounting for FX-forwards even when sold at -0.75%. 

Sold at these levels there it is likely that there could be activity on Monday's auction in the Sep2015 DGTB. 

The Dec2015 T-bill should be sold at a discount relative to the Sep2015.

"This level to be around -0.65%. If National bank's strategy is to sell at -0.75%, then do not expect any action in the Dec2015 T-bill", says Nordea