FRANKFURT (MNI) – The German federal government sold E4.9525
billion in a top-up of its 1.50%-coupon two-year notes
(Schatzanweisungen) maturing in March 2013, the Bundesbank announced
Wednesday.
The bid/cover ratio of 1.9 (excluding retention) was higher than
the 1.8 b/c ratio at this security’s launch on February 23.
The average yield on the sale was 1.53%, which matched the yield on
February 23.
The minimum price of the top-up tranche was 99.930, while the
average weighted price was 99.934. 100% of bids at the minimum price
were accepted.
The government retained E1.0475 billion (or 17.5%) of the issue for
its open market operations, bringing the total volume of the top-up
tranche to E6 billion, as expected.
Including the E7 billion outstanding of this issue, the top-up
boosts the volume of the March 2013 Schatz to E13.0 billion. This is the
last scheduled top up for this security in 1Q. The government at present
plans to tap the security once more in April.
The new tranche will settle on Friday, March 18. The issue
matures on March 15, 2013.
There were a total of E9.375 billion in bids for the top-up sale,
including E5.950 billion in competitive bids and E3.425 billion in
non-competitive bids. The government accepted 90% of the non-competitive
bids.
— Frankfurt bureau. Tel: +49 69 720142: email: frankfurt@marketnews.com
[TOPICS: M$G$$$,M$$FI$,MFXBO$,MGX$$$]
