FRANKFURT (MNI) – The German federal government sold E4.912 billion
in a top-up of its 1%-coupon two-year notes (Schatzanweisungen) maturing
in December 2012, the Bundesbank announced Wednesday.
The bid/cover ratio of 2.1 (excluding retention) was higher than
the 1.1 b/c ratio at this security’s last auction December 8.
The average yield on the sale was 1.17%, up from 0.92% on December
8.
The minimum price of the top-up tranche was 99.680, while the
average weighted price was 99.682. 100% of bids at the minimum price
were accepted.
The government retained E1.088 billion (or 18.1%) of the issue for
its open market operations, bringing the total volume of the top-up
tranche to E6 billion, as expected.
Including the E11 billion outstanding of this issue, the top-up
boosts the volume of the December 2012 Schatz to E17.0 billion. This is
the last scheduled top up for this security. The government plans to
issue a new Schatz on February 23 with maturity of March 15, 2013.
The new tranche will settle on Friday, January 21. The issue
matures on December 14, 2012.
There were a total of E10.505 billion in bids for the top-up sale,
including E7.285 billion in competitive bids and E3.220 billion in
non-competitive bids. The government accepted 85% of the non-competitive
bids.
— Frankfurt bureau. Tel: +49 69 720142: email: frankfurt@marketnews.com
[TOPICS: M$G$$$,M$$FI$,MFXBO$,MGX$$$]
