FX/BondsIMPORTANT

Germany sells EUR 1.882bln vs Exp. EUR 2.5bln 3.40% 2047 and 2.90% 2056 Bund

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Germany sold EUR 1.882 billion against EUR 2.5 billion expected. The 2047 Bund’s bid-to-cover rose, while the 2056 Bund’s fell; yields and retention differed by tranche.

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3.40% 2047: b/c 2.50x (prev. 2.06x), average yield 3.80% (prev. 3.78%), retention 23.9% (prev. 13%) 2.90% 2056: b/c 1.40x (prev. 1.58x), average yield 3.80% (prev. 3.80%), retention 25.3% (prev. 21.6%)

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