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Mediocre auction

GERMAN AUCTION RESULTS
  • This morning's 7-year 2.10% Nov-29 Bund auction saw mediocre results. The LAP of 95.81 was marginally above the mid-price immediately prior to the auction closing (95.804) but the price fell from around 95.58 three minutes before the auction window closed. Immediately after the auction results were released, the price moved back to that level and we have now moved back up to the market price last seen around 45 minutes ago.
  • The bid-to-offer and bid-to-cover were both decent, surpassing the bids received in February's 7-year Bund auction, albeit with less allotted at today's auction.

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