EUROS

摘要

In a typically slow summer week for European auction supply, just two sovereigns braved the market, both core issuers. The first offered non-eurozone paper, the uk dmo selling £650m of 2058 index-linked Gilts on Tuesday. The cover ratio of 1.61 was a touch lower than the 2.03 seen at the last auction on May 27. Pricing was solid, though, with the real yield of-0.929% coming on the offer side of the market as the bidding deadline expired. That was followed on Wednesday by a potentially tricky 10-year Bund tap from the German Finance Ministry. Germany allotted €3.247bn of the 1% August 2025s, with the Bundesbank retaining €753m -18.8% - for market operations. The bid-to-cover came in at 1.3:1, leaving the real cover at 1.1. Pricing was reasonable, with the average 103.82 - with a one-tick tail -just three ticks over the offer side of the market. While this did not represent runaway demand, at least another technical failure was avoided.