EUROS

摘要

Austria kicked off last week's auction supply on Tuesday with taps of its October 2018 and October 2023 bonds. The country sold €600m of its 2018 notes at an average yield of 0.736% and a bid-to-cover of 2.44 and €500m of its 2023s at an average yield of 1.851% and a bid-to-cover of 2.34. On Wednesday, germany tapped its OBL168, an interesting test of investor appetite for core paper in the wake of technical failures of 10-year and 30-year Bund auctions in the past couple of weeks. Germany sold a total of €3.266bn, with the Bundesbank retaining €734k or 18.3% for market operations. The bid-to-cover came in at 1.4:1, down on the 1.7:1 seen at the previous auction of this stock on February 5. The average price of 101.75 - with a one-tick tail - was three ticks above the offered side of the market as the bidding deadline expired. This was better - if not spectacular - demand, which was no real surprise given the decent inherent relative value and late outright concession.