Germany Sells EUR2.428 Billion April 2022 Bobl, Meets With Solid Demand

By Emese Bartha Features Dow Jones Newswires

The German Finance Agency sold 2.428 billion euros ($2.6 billion) in its five-year benchmark April 2022 Bobl at an auction Wednesday, the Bundesbank said.

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Demand was reasonable solid, leading to a covered auction, contrasting with the previous technically uncovered tap--a not unusual phenomenon at German auctions when bids are below the offer volume.

The Bobl on offer was an existing issue that was reopened.

The following are details of the auction, with amounts in euros. Figures in brackets are from the previous auction held on April 5.

Issue 0% April 8, 2022 Bobl

Amount on offer 3 bln

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Bids received 3.407 bln

Bids accepted 2.428 bln

Bid-to-cover ratio 1.4 (1.2)

Average yield -0.31% (-0.45%)

Average price 101.54 (102.26)

Minimum price 101.53 (102.25)

Settlement date May 12, 2017

The Bundesbank said 60% of bids at the lowest price was accepted and it met all the non-competitive bids at the weighted average price.

The amount retained for market-tending purposes was about EUR572 million, bringing the total issue size to EUR3 billion, as previously announced.

The German Finance Agency manages the country's federal debt, while the Deutsche Bundesbank is responsible for conducting the debt auctions.

-Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

May 10, 2017 06:03 ET (10:03 GMT)