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German Bond Auction Raises EUR 3.87 Bln, Below Max. Target

Germany's auction failed to augment bids for the maximum amount set for the issue on Wednesday.

The Bundesbank said the 10-year federal bond issue raised EUR 3.87 billion, which was well below the maximum target of EUR 5 billion. It received bids for EUR 4.11 billion.

The yield was 1.77 percent and the bid-to-cover ratio came in at 1.1.

Elsewhere, Italy raised altogether EUR 11 billion from short-term bills of 3-months and 12-months.

The yield on 12-month bills rose to 2.84 percent from 1.405 percent at the previous auction. Demand exceeded the offer by 1.52 times compared to 1.38 last month. The yield on 3-month bills was 1.249 percent and the bid-to-cover ratio at 1.81.

by RTT Staff Writer

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