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German Bunds Hold Drop as Italy Prepares for Debt Auction

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April 12 (Bloomberg) -- German government bonds held a decline from yesterday, as Italy prepared to auction as much as 5 billion euros ($6.6 billion) of bonds.

German two-year note yields were six basis points from the record low set two days ago before a report that economists said will show euro-area industrial production fell in February. Italy plans to sell debt due between March 2015 and August 2023 today after it met its target at an auction of bills yesterday.

The German 10-year yield was little changed at 1.79 percent at 7:26 a.m. London time. The price of the 1.75 percent bond due July 2022 was at 99.64. Two-year notes yielded 0.15 percent, after falling to as low as 0.091 percent on April 10.

Industrial output in the 17-nation euro region fell 0.2 percent from a month earlier, after staying unchanged in January, according to the median of 23 estimates in a Bloomberg News survey. A separate report showed France’s inflation rate unexpectedly rose in March.

German bunds returned 0.9 percent this year, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. French bonds gained 1.8 percent, and Italian securities rallied 8.7 percent, the indexes show.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.

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