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Germany Raises EUR 2.54 Bln From Bubill Auction

2/27/2012 6:59 AM ET

Germany raised EUR 2.545 billion through the issue of 12-month treasury bills, or bubills. The maximum target set for the auction was EUR 3 billion.

The demand exceeded offer by 1.9 times, the Bundesbank said Monday. However, the bid-to-cover ratio was higher at 2.2 during the prior auction conducted on January 23.

The yield came in at 0.077 percent compared to 0.070 percent in the previous issue.

The meeting of G20 finance ministers and central bank governors held over the weekend demanded Europe to strengthen its bailout fund before leading economies provide extra support to raise the resources of the International Monetary Fund.

The move has added pressure on Germany, which has already contributed the most to bailouts. A parliamentary vote on a second Greek bailout package is due in Berlin today. The European Central Bank is set to offer a three-year loan later this week.

by RTT Staff Writer

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