Germany fails to sell all bonds

■ Bund futures fell yesterday and some investors shunned a sale of new German 32-year bonds, as the relatively low risk they carry proved insufficient to compensate for ultra-low returns. Germany’s €2.405bn (£1.96bn) sale of bunds drew fewer bids than the total volume offered, meaning the sale was technically uncovered. This was the second poor bund auction in two weeks after a benchmark 10-year sale suffered the same fate, showing that investors may be getting more picky about their safe-haven purchases.