FRANKFURT (MNI) – The German federal government topped up its
3%-coupon, July 2020 Bund by E4.018 billion at a minimum price of 103.78
the Bundesbank announced Wednesday.
The average yield on the top-up of the 10-year Bund was 2.56%, down
from 2.67% from the last auction June 16.
The weighted average price came to 103.81, and the government
accepted 100% of bids at the minimum price.
There were a total of E5.523 billion in bids for today’s sale,
resulting in a bid/cover ratio (excluding Bundesbank retention) of 1.4
down from 1.6 at the June 16 auction.
Total bids included E3.515 billion in competitive bids and E2.008
billion in non-competitive bids. The German government accepted 100% of
the non-competitive bids. The bonds mature on July 4, 2020 and are
strippable.
The government retained E982 million (or 19.6%) of the issue for
its open market operations, bringing the total volume of the latest
tranche to E5 billion, as expected. Including the E17 billion of the
bond outstanding, total issue volume is now E22 billion.
The bond settles on Friday and matures on July 4, 2020.
— Frankfurt bureau. Tel: +49 69 720142; Email: frankfurt@marketnews.com
[TOPICS: M$G$$$,M$$FI$,MFXBO$,MGX$$$]