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Debt crisis now at German doorstep
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Gold Price
Nov 24, 2011, 2:24:21 AM11/24/11
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FRANKFURT (MarketWatch) — An auction of German government bonds technically
failed Wednesday, underlining fears that the long-running crisis in European
sovereign debt now threatens the core of the euro zone.
“It was awful,” said Nick Stamenkovic, fixed-income economist at RIA Capital
in Edinburgh.
The sale of 6 billion euros ($8.1 billion) of 10-year government bonds,
known as bunds, attracted bids totaling just €3.889 billion. The Bundesbank,
which conducts auctions on behalf of the Germany’s federal debt agency,
accepted €3.644 billion in bids.
That left the central bank to pick up the slack, retaining €2.356 billion of
the supply, or 39% of the total amount on offer.
failed Wednesday, underlining fears that the long-running crisis in European
sovereign debt now threatens the core of the euro zone.
“It was awful,” said Nick Stamenkovic, fixed-income economist at RIA Capital
in Edinburgh.
The sale of 6 billion euros ($8.1 billion) of 10-year government bonds,
known as bunds, attracted bids totaling just €3.889 billion. The Bundesbank,
which conducts auctions on behalf of the Germany’s federal debt agency,
accepted €3.644 billion in bids.
That left the central bank to pick up the slack, retaining €2.356 billion of
the supply, or 39% of the total amount on offer.
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