By Simon Miller

The German central bank has had to step in to cover the auction of 10-year debt offered this morning.

Germany's Bundesbank stepped in and bought €1.13bn (£0.93bn)of the €5bn of 10-year debt on offer due to a lack of bidders. Its average yield came in at 1.77% compared with 1.88% at the last auction.

Meanwhile, demand for UK debt was slightly lower as it saw a small dip of bid in the bid-to-cover ratio for five-year gilts of 1.4 compared with 1.95 at the last auction with an average yield of 1.147%.

In Italy, €8bn of one-year bills were sold at an average rate of 2.84%, more than double the 1.405% of the previous March auction but demand was slightly up at 1.5 bidders compared with 1.38 previously. The Italian Treasury also sold €3bn of three-month bills at an average yield of 1.246% compared with 0.492% at the last auction.

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