The demand for Germany's 10-year government bond auction was weak, with a bid-to-cover ratio of only 1.15.

⑴ Germany reopened its 10-year benchmark government bond on Wednesday, with an actual allotment of 3.90 billion euros and total subscription amount of 4.46 billion euros, resulting in a bid-to-cover ratio of 1.15, which is significantly lower than the maximum issuance guidance of 5.5 billion euros.⑵ The average accepted yield was 3.370%, which is 0.2 basis points higher than the yield at the time of the bid selling price, and even 0.1 basis points higher than the yield at the buying price; the tail amount was 2 euro cents.⑶ Benchmark investor reinvestment demand is at its highest level of the year this month, and with the benchmark index set to adjust on Friday, demand remains weak against this backdrop, surprising the market.⑷ This issuance corresponds to the 10-year bond with a 3.00% coupon rate, maturing in August 2036.