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Slightly disappointing 7-year Bund launch

GERMAN AUCTION RESULTS
  • Not a particularly strong auction for the launch of the new 7-year Bund, the 2.40% Nov-30.
  • The volume of bids was the lowest at a 7-year auction since February at E5.313bln. And the lowest accepted price as 0.02 below the average price - the biggest differential since the launch of the 2.10% Nov-29 Bund in October 2022.
  • The bid-to-offer of 1.33x and the bid-to-cover of 1.67x were both still respectable, however.

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