German bunds little changed before auction of 5-year securities

German government bunds were little changed on Wednesday before an auction of 0.25% five-year securities totalling five billion euro and as industrial output declined by 0.1% in March. The benchmark 10-year yields were traded one basis point from the strongest level in more than a three-week period, when they yielded at 1.30% at 7:12 a.m. in London.