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Germany 5-year Bobl Yield Falls

5/9/2012 6:31 AM ET

Germany's five-year borrowing costs declined at a debt auction on Wednesday and demand was lower despite the ongoing uncertainty over Greece.

The country raised EUR 4.032 billion from the sale of its new 0.50 percent five-year Federal Notes or Bobls against the auction target of EUR 5 billion, Bundesbank said.

The sale attracted bids totaling EUR 5.789 billion. The amount set aside for secondary market operations was EUR 968 million.

The yield on the debt was 0.56 percent, down from 0.80 percent paid for securities of similar maturity on April 4. The bid-to-cover ratio, which indicates demand, dropped to 1.4 from 1.8 seen in the April sale.

by RTT Staff Writer

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