LONDON: Germany sold 3.4 billion euros of 10-year Bunds on Wednesday, in an auction which drew solid demand with investors still uncertain about details of any potential European Central Bank purchases of Italian or Spanish bonds.
The tender attracted bids worth 1.8 times the amount on offer, up from 1.5 times at the previous auction and compared with an average at 10-year debt sales in 2012 of 1.37, according to Reuters data.
The average yield was 1.42 percent, compared with 1.31 percent at the previous sale in July and a 2012 average of 1.66 percent, while the amount retained to be sold at a later date was 15 percent, compared with a 2012 average of 18.87 percent.
The so-called "tail", which is the difference between the lowest and the average bid and a measure of the bidding quality was zero cents, the same as at the last two sales and compared with a 2012 average of 0.02 cents.
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