German Bunds fall as Cyprus clinches deal

LONDON: German Bund futures fell on Monday as Cyprus averted a financial meltdown by clinching a last-ditch deal with international lenders for a 10 billion euro bailout.

Cyprus agreed with the European Union, the European Central Bank and the International Monetary Fund on Monday on a plan that will shut down its second-largest bank and inflict heavy losses on uninsured depositors.

German Bund futures fell 31 ticks to 144.06.

"No one really wants to be seen as dropping a country out of the euro zone. That's the signal from this deal," Elwin de Groot, senior market economist at Rabobank said.

"Even though everybody is still in search for the details, that's the key point for now."