Weak demand at Germany's 5-year bond auction
Germany's Bobl 5Y auction on 2026-11-03 showed weak demand: bid-to-cover 1.40x vs. a recent average of 1.88x. Bids totalled €5,295m for €5,000m on offer. Average yield 3.140%, vs. 3.080% at the previous 5-year auction on 2026-10-20.
Germany 5Y bid-to-cover, recent auctions, 3 Nov 2026
1.40x
Recent readings
| Date | Reading | Vs. previous |
| Nov 3, 2026 | 1.40x | ▼ -30.0% |
| Oct 20, 2026 | 2.00x | ▲ +81.8% |
| Oct 13, 2026 | 1.10x | ▼ -8.3% |
| Sep 22, 2026 | 1.20x | ▼ -25.0% |
| Sep 1, 2026 | 1.60x | ▲ +6.7% |
| Aug 11, 2026 | 1.50x | — |
Why this matters
Every government that borrows has to find buyers at auction. When demand thins out - fewer bids, a wider tail, or the government keeping back part of the issue - it's an early sign investors want a higher return to keep lending to that country.
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