German Notes Snap Two-Day Advance Before $5 Billion Debt Auction


04/07/2012 10:14 AST  Bloomberg

German five-year notes snapped a two- day advance as the government prepared to sell as much as 4 billion euros ($5 billion) of the securities.

Ten-year bunds were little changed before Italian Prime Minister Mario Monti and German Chancellor Angela Merkel meet in Rome. Reports today will show euro-area retail sales were unchanged in May and manufacturing and services industries in the currency bloc contracted in June, according to economist surveys. International Monetary Fund Managing Director Christine Lagarde said in an interview on CNBC television yesterday she isn’t in the mood to renegotiate the terms of Greece’s bailout.

German five-year yields rose less than one basis point, or 0.01 percentage point, to 0.56 percent at 7:27 a.m. London time. The price of the 0.5 percent security due April 2017 was at 99.735. The 10-year bund yield was at 1.54 percent.

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