Germany sells EUR 2.237bln vs exp. EUR 2.5bln 2.50% 2046 and 2.90% 2056 Bund

• 2.90% 2056: b/c 1.7x (prev. 1.60x), average yield 3.45% (prev. 3.47%), retention  24.3% (prev. 25.1%)
• 2.50% 2046: b/c 2.5x (prev. 3.4x), average yield 3.36% (prev. 3.15%), retention 1.33% (prev. 10.2%)

Germany's recent bond auction fell short of expectations, raising EUR 2.237 billion against a projected EUR 2.5 billion. The results reflect weaker demand for the 2.50% 2046 bond, with a notable drop in bid-to-cover ratio compared to previous auctions, which could signal shifts in investor appetite and impact future yield expectations and broader market sentiment.