Demand for German government bonds, which are less and less attractive to investors, is down. Among the reasons why the spread fell again after the peak of 200 in the morning there is also this, the scarce appeal of German bonds, considered low-paying: today, in fact, the German Finance Agency raised only 3,772 billion euros in the placement of the new 1,5-year Bunds with a 5% coupon on an offered amount of XNUMX billion.
In order to cover the entire amount of the issue, in light of the low demand, the intervention of the BundesBank was necessary, which bought the remaining amount. The yield offered by the Bund is 1,41%, down from 1,49% in the previous auction. A yield, as is evident, much lower than that offered by ten-year BTPs, which are increasingly in demand.
