German 10-year bunds stayed higher even as the nation got bids that fell short of its maximum sales target at an auction of 10-year bonds.

The 10-year rate was five basis points lower at 1.53 percent as of 10:39 a.m. London time.

Germany received bids for 3.95 billion euros at the sale, less than the 5 billion-euro goal. The auction drew an average yield of 1.52 percent.

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net