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2025-07-29 17:33:02
[Perspective on German bond auction: 5-year government bond yields slightly increased, why is market demand stable? ] ⑴ On the afternoon of July 29th, Beijing time, the German Federal Bank announced that Germany successfully sold 3.409 billion euros of 2.20% five-year German medium-term notes (Bobl) in an additional auction. ⑵ The average yield of this auction was 2.28%, slightly higher than the 2.26% of the previous auction, indicating that investors' yield requirements for German bonds have increased. ⑶ It is worth noting that the subscription multiple of this auction was 1.5, the same as the previous auction, indicating that market demand remained stable. ⑷ Although the yield has risen slightly, the stability of the subscription multiple reflects that in the current market environment, investors still have a continuous demand for German government bonds as a safe-haven asset. ⑸ This set of data suggests that in the context of increasing global economic uncertainty, although the yield of German government bonds remains low, its safety still attracts investors seeking stable returns. ⑹ The market should pay attention to the driving factors behind this slight change in yields and its potential impact on the overall sentiment of the European bond market
