Weak demand at Germany's 20-year bond auction
Germany's Bund 20Y auction on 2026-11-11 showed weak demand: bid-to-cover 1.80x vs. a recent average of 2.33x. Bids totalled €1,560m for €1,000m on offer. Average yield 3.650%, vs. 3.800% at the previous 20-year auction on 2026-10-14.
Germany 20Y bid-to-cover, recent auctions, 11 Nov 2026
1.80x
Recent readings
| Date | Reading | Vs. previous |
| Nov 11, 2026 | 1.80x | ▼ -28.0% |
| Oct 14, 2026 | 2.50x | ▲ +19.0% |
| Sep 23, 2026 | 2.10x | ▼ -12.5% |
| Sep 16, 2026 | 2.40x | — |
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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