FRANKFURT (MNI) – The German federal government sold E1.715 billion
in April-2011 maturity bubills at a weighted average yield of 0.5500%,
the Bundesbank announced Monday.

The weighted average yield was lower than the 0.5675% yield at the
initial auction April 26.

The average price of today’s auction was 99.58465 and the highest
accepted yield was 0.5500%. 100% of bids at the highest accepted yield
were accepted.

There were E5.083 billion in bids for the bubills, including E1.615
billion in non-competitive bids. 100% of the non-competitive bids were

The bid/cover ratio (excluding retention) was 3.0, lower than the
1.9 b/c at the April 26 auction. The last time the b/c at a bubill
auction was that high was on April 19 (3.5). The government retained
E285 million of the issue (or about 14.3%), bringing total issue volume
to E2 billion, as planned. Counting the E4 billion already issued, total
issuance on this security is now E6 billion.

The bubills will settle on Wednesday, July 21 and mature on April
20, 2011.

–Frankfurt newsroom: +49-69-720142;

[TOPICS: M$G$$$,M$$FI$,MGX$$$]