Germany more and more refuge. The German Treasury placed 6-month bonds, Bubill in German, for 3,53 billion euros. The maximum was 4 billion, but Berlin decided to stop earlier, with the yield now close to zero, equal to an average of 0,007%. Interest dropped from 0,037% in the previous auction, confirming German bonds as a safe haven currency for the single currency. The bid to cover fell to 1,2 from 1,5 of the last placement.
The yield on the 10-year Bund, the benchmark for calculating the spread, also fell on the secondary market to 1,37% against 1,39% at the opening. And the differential with the Italian Btp widens to 447 points.
