FRANKFURT (MNI) – The German federal government topped up its
2.25%-coupon, September 2020 Bund by E4.181 billion at a minimum price
of 99.62 the Bundesbank announced Wednesday.
The average yield on the top-up of the 10-year Bund was 2.29%, down
from 2.39% at the bond’s previous top-up on September 15.
The weighted average price came to 99.63, and the government
accepted 100% of bids at the minimum price.
There were a total of E5.96 billion in bids for today’s sale,
resulting in a bid/cover ratio (excluding Bundesbank retention) of 1.4
down from 1.8 on September 15.
Total bids included E2.18 billion in competitive bids and E3.78
billion in non-competitive bids. The German government accepted 95% of
the non-competitive bids. The bonds mature on September 4, 2020 and are
strippable.
The government retained E819 million of the issue for its open
market operations, bringing the total volume of the latest tranche to E5
billion, as expected. Including the E11 billion of the bond outstanding,
total issue volume is now E16 billion.
The bond settles on Friday, October 15.
— Frankfurt bureau. Tel: +49 69 720142; Email: frankfurt@marketnews.com
[TOPICS: M$G$$$,M$$FI$,MFXBO$,MGX$$$]