German borrowing costs rose after the auction

Germany failed to raise 5 billion euros of debt in an auction on Wednesday, as investors were reluctant to buy bonds at a record-low yield of 1.5%. Germany sold just €3.951 billion directly to investors, pushing yields on 10-year bonds up to 1.52% from 1.42%. Demand was weak, with bids exceeding supply only 0.79 times, compared to 1.57 at the last auction.