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Decent 15y Bund auction

GERMAN AUCTION RESULTS
  • That was a decent 15-year Bund auction with the bid-to-offer on the on-the-run 1.00% May-38 Bund higher than the previous auction in May while the lowest accepted price (to 2dp) was the same as the average price for that issue and only 0.01 lower for the off-the-run 0% May-36 Bund.
  • The lowest accepted prices were above the prevailing market prices for both Bunds sold.
  • Now both issues are trading comfortably above the average auction price - albeit both off their highs of the day.

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