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Germany Sells EUR2.413 Bln in February 2028 Bund in Weak Demand

28 Feb 2018 10:44 am

By Emese Bartha

FRANKFURT--The German Finance Agency sold 2.413 billion euros ($2.97 billion) in its 10-year benchmark bund at an auction Wednesday, with the yield little changed from the previous tap, Bundesbank data showed.

The volume of bids remained below the offer volume, leaving the auction "technically uncovered," a not unusual phenomenon at German auctions.

The following are details of the auction, with amounts in euros. Figures in brackets are data from the previous auction held on Feb. 7.
Issue              0.50% Feb. 15, 2028 bund 
Amount on offer    3 bln 
Bids received      2.865 bln 
Bids accepted      2.413 bln 
Bid-to-cover ratio 1.2       (1.5) 
Average yield      0.67%     (0.69%) 
Average price      98.32     (98.17) 
Minimum price      98.31     (98.16) 
Settlement date    March 2, 2018 

The Bundesbank said all bids at the lowest price were accepted and it satisfied 95% of the non-competitive bids at the weighted average price.

The Finance Agency retained EUR587 million for market-tending purposes, bringing the total issue size to EUR3 billion, as previously announced.

The German Finance Agency manages the country's federal debt, while the Bundesbank is responsible for conducting the debt auctions.

Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

February 28, 2018 05:44 ET (10:44 GMT)

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