EUROS

摘要

Three sovereigns auctioned paper on Tuesday, with the Netherlands selling €2.5bn of its 0.50% July 2026s, Austria €lbn of 10 and 18-year paper and the uk dmo £700m of its 42-year index-linked Gilt linker. All three were well received, and this augured well for Germany - which has sometimes struggled to attract demand for its negative-yielding paper - which was in the market the following day with a new two-year Schatz, the 0% June 2018. Germany allotted €3.954bn, with the Bundesbank retaining €1.046m - or 20.9% -for market operations. The bid-to-cover ratio came in at a hefty 2.2 with a real cover of 1.71, which was well up on the 1.8 and 1.44 seen at the last auction of the March 2018 Schatz on April 6 - and that tap was €lbn smaller. The average price of 101.085, for a -0.51% vield, was mid-market.