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German Bonds Extend Gain as Business Confidence Falls

(Corrects first paragraph to show bunds rose.)

May 24 (Bloomberg) -- German government bonds extended their advance, pushing the 10-year yield to a record low, after a report showed business confidence fell more than economists predicted this month.

Ten-year yields were three basis points, or 0.03 percentage point, lower at 1.36 percent at 9:04 a.m. London time, after being as low as 1.35 percent. Thirty-year yields slipped seven basis points to 1.93 percent.

The Munich-based Ifo institute said today that its business climate index, based on a survey of 7,000 executives, dropped to 106.9 from 109.9 in April. Economists forecast a decline to 109.4, according to the median of 37 estimates in a Bloomberg News survey.

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net; Keith Jenkins in London at kjenkins3@bloomberg.net

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

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