German debt auction success

Investors seeking a safe haven in which to save their cash enthusiastically purchased new German bonds yesterday. A €4bn (£2.6bn) auction of five-year debt saw twice as much demand as bills on offer. The average yield came in at 0.9 per cent – the lowest since the euro was launched. Germany sold short-term debt at negative yields earlier this week, showing many investors are more concerned about preserving their cash than making a return.