Investors showed resistance to Germany's first ever 30 year bond sale without a coupon on Wednesday, as the total bids fell below the size of the trade. However, some analysts said the trade offered good value, with yields set to fall further as the European Central Bank prepares to inject fresh stimulus into the eurozone.
The sovereign issued a €2bn August 2050 bond at a price of 103.04 with an average yield of minus 0.11%.
Germany received a total of 30 bids from its Bund issues auction group with a total bidding volume of €860m. The German Finance Agency allocated €824m and retained