The deeply undersubscribed 10-year Bund auction didn’t go unnoticed

Markets: Fixed Income On Wednesday, global core bonds parted ways again with German bonds ending sharply lower and US Treasuries gaining modest ground. The main reason for the divergence were the US (strong) and German (ugly) bond auctions. Weaker equities played a supportive role in the US Treasury market, but couldn’t bring any solace for the battered German bond market. In the US, the yield curve flattened with yields flat to 4.5 bps lower. In Germany, the curve bear steepened with yields

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