Germany sells 2.5bn euros of bonds

LONDON: Germany sold 2.51 billion euros of five-year government bonds on Wednesday, drawing strong demand as a lack of progress in US budget talks to avert automatic fiscal tightening underpinned low-risk debt.

The October 2017 Bobl sold at an average yield of 0.41 percent, compared with 0.42 at the previous sale on Nov. 7 and a 0.615 percent average for the year.

It drew bids worth 1.9 times the amount allotted to investors, compared with 1.5 at the previous auction of the bond and in line with an average of 1.96 percent at this year's five-year auctions.