Germany sells EUR 3.871bln vs exp. EUR 5bln 2.10% 2028 Schatz: b/c 1.61x (prev. 1.77x), average yield 2.72% (prev. 2.02%), retention 22.6% (prev. 23.5%)

The auction result shows that Germany's 2.10% 2028 Schatz sale fell short of expectations, indicating weaker demand as reflected in the bid-to-cover ratio dropping to 1.61x from 1.77x.

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Germany sells EUR 3.871bln vs exp. EUR 5bln 2.10% 2028 Schatz: b/c 1.61x (prev. 1.77x), average yield 2.72% (prev. 2.02%), retention 22.6% (prev. 23.5%)

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The increase in average yield to 2.72% suggests that investors are demanding higher returns, potentially reflecting a shift in sentiment towards risk or concerns about future rate movements, which could spill over into broader rates and risk sentiment.

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