Germany's 10-year bond auction drew an average yield of 3.26%, the highest in 15
years, reflecting a recent global rise in funding costs. The government sold
€3.769bn of 10-year debt and retained €2.231bn; the 10-year yield was up 1bp at
3.26%. The bid-cover ratio was 1.15x, roughly unchanged from 1.14x at the prior
sale. Earlier on Tuesday, a bank‑underwritten 30-year sale likewise set a
15-year high in average yield.