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Germany Sells Zero-Coupon 2-Years

Demand for nations first zero-coupon issue reflects safe-haven buying.

By Lukanyo Mnyanda, Anchalee Worrachate and Keith Jenkins, Bloomberg | Updated on May 24, 2012

Germany got bids for more than the maximum 5 billion-euro ($6.3 billion) target at a note sale, with the yield falling to a record, as investors sought a refuge from the European debt crisis.

Germany, the only country in the euro area with a stable outlook on its AAA rating, sold 4.56 billion euros of two-year securities carrying a zero-percent coupon for the first time, Bundesbank data showed today. The securities were auctioned to yield 0.07 percent. The country offered a fixed-interest payment of 0.25 percent when selling similar-maturity notes on April 18.

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