EUROS

摘要

Wednesday saw the German finance ministry's €4bn tap of its 10-year Bundbenchmark, the 0.5% February 2025, encounter stronger demand than last time out. Germany allotted €3.335bn to the Street, with the Bundesbank retaining €665m -16.6% - for market operations. The bid-to-cover came in at 1.44, up on the 1.3 at the last sale of this stock on January 14, while taking out the retention the real cover was 1.2 versus 1.1 last time. Pricing was also solid at an average 101.23, marginally above the offered side of the market as the bidding deadline expired. Thursday saw supply from both Spain and France. spain sold a total of €4.172bn across the two issues on offer, just through the middle of the expected €3.5bn-€4.5bn range. The fill on the two-year, the 0.5% October 2017, was €1.454bn with a cover of 3.3:1 -well up on the 2.46 at the last auction of this bond on January 15. The balance on the 1.6% April 2025 attracted a cover of 2.02. This bond was issued via syndication to much fanfare back on January 20, when the €9bn on offer garnered close on €23bn of demand.