Germany sells EUR 1.27bln vs exp. 1.5bln in 2029, 2035 and 2053 Green bonds

• 2029: b/c 3.93x (prev. 3.14x), average yield 2.71% (prev. 2.68%)
• 2035: b/c 1.88x (prev. 1.69x), average yield 3.01% (prev. 2.98%)
• 2053: b/c 1.6x (prev. 1.3x), average yield 3.6% (prev. 3.49%)

A tap coming in below the planned volume is a familiar pattern in German issuance, where the Finanzagentur has long retained flexibility on retained amounts and tends to shade size rather than force paper into a soft bid. The demand metrics here tell the more relevant story: cover ratios improved versus the prior outings across all three lines while average yields backed up only modestly, a combination consistent with a firmer concession being enough to clear interest at the short and belly maturities, with the long end showing the slimmest cover as duration supply usually demands. Green bonds in this jurisdiction have historically traded at a premium to conventional twins, and the relative performance of the greenium around syndications and taps of this kind is the established tell for dedicated ESG demand versus real-money concession-taking. The follow-ons worth noting are the secondary performance of the tapped lines in the sessions after allocation, any comment from the issuer on the undersized result, and where the residual volume shows up in the remainder of the quarterly funding calendar. As supply events go, the read is orderly rather than stressed.