Germany recovered from the great disappointment and the abysmal auction at the end of last month to access the market with confidence today and was actually received with wide open arms.

The Bundersbank that conducted the auctions on behalf of the German Finance Agency said today it received 8.67 billion euros in bids and sold 4.09 billion euros of five-year notes for a bid-to-cover ratio of 2-to-1 and at an average yield of 1.11%.