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German bond sale fails to attract buyers - FT.com

...the bid-to-cover ratio was only 0.65 times as the German debt agency sold just €3.644bn of its new 10-year Bund of the €6bn targeted.

The Bundesbank retained a massive €2.356bn, which it will plan to sell over the coming days in the hope market sentiment improves. If the Bundesbank retention is included, the bid-to-cover ratio was a modest 1.1 times.

Many market participants consider this an auction failure although some say technically it is not, as by retaining its own bonds the Bundesbank has pushed the bid-to-cover ratio above 1.0 times.

The average yield for the 10-year bonds was 1.98 per cent.

So the debt agency sells but they are the Buba's "own bonds"?

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Nov 23rd, 2011 at 08:07:47 AM EST
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