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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.