German bonds little changed as investors await Greek details
German government bonds were little changed as investors waited for the EU to come up with details about possible assistance for Greece as the nation struggles to cut the region’s biggest budget deficit.
Declines earlier pushed the yield on the 10-year bund to within 4 basis points of its highest in almost two weeks.
European finance ministers meet today under pressure to spell out concrete measures to rescue Greece after leaders last week pledged support without committing public funds. Greek two-year notes rose today.
“Last week promised much and delivered little,” Charles Diebel, a senior fixed-income strategist in London at Nomura International Plc, wrote in a client note today. “Markets are not known for their patience.”
The yield on the bund, Europe’s benchmark security, was at 3.19pc as of 7:36am in London, after earlier increasing to 3.21pc.
The yield climbed to 3.25pc on February 10, the most since February 3. The 3.25pc security due January 2020 declined 0.02 today, or 20 cents per €1,000 face amount, to 100.46.
Germany and the Netherlands are scheduled to sell about €13bn of bills today.
Gains for the Greek two-year note pushed the yield 4 basis points lower to 5.08pc. The 10-year yield was little changed at 6.15pc.