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German Bund Auction Fails

German government bonds dropped after the nation missed its maximum sales target at a bund auction by 35 percent, sending the euro lower and 10-year yields higher than comparable U.S. Treasuries.

“This auction is nothing short of a disaster for Germany,” Mark Grant, a managing director at Southwest Securities Inc. in Fort Lauderdale, Florida, said by e-mail.

http://www.bloomberg.com/news/2011-11-23/german-bonds-decline-as-bids-at-10-year-
auction-miss-6-billion-euro-target.html

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