Germany sells EUR 3.025bln vs exp. EUR 4.0bln 2.50% 2032 Bund: b/c 1.11x (prev. 1.51x), average yield 2.78% (prev. 2.60%), retention 24.3% (prev. 20.1%)
Context
The auction results revealed weaker demand for the 10-year Bund than anticipated, with a bid-to-cover ratio dropping to 1.11x from the previous 1.51x. This suggests reduced appetite for German debt, particularly as the average yield increased to 2.78%, indicating more resistance among investors amidst changing rate expectations.
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