Yields drop as France sells 5- and 10-year debt
Investing.com
Published Sep 06, 2012 05:10AM ET
France’s Treasury sold EUR7.98 billion of government bonds, having set a target for between EUR7 billion and EUR8 billion.
France sold EUR3 billion of 10-year bonds at an average yield of 2.21%, down from 2.53% last month.
Demand was slightly stronger, with bids exceeding supply 2.10 times, compared to a “bid-to-cover” ratio of 1.93 last month.
The country also sold EUR1.53 billion of five-year bonds at an average yield of 1.05%, compared to 1.89% last month, as well as EUR3.45 billion of 15-year bonds at a yield of 2.85%, down from 2.90% in August.
The yield on French 10-year bonds stood at 2.23% following the auction, while the euro remained higher against the U.S. dollar, with EUR/USD adding 0.11% to trade at 1.2613.
Meanwhile, European stock markets remained broadly higher. France’s CAC 40 gained 1.1%, the EURO STOXX 50 jumped 1.25%, Germany's DAX advanced 1.35%, while London’s FTSE 100 was up 0.75%.
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Written By: Investing.com
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