German five-year notes advanced as European Central Bank President Mario Draghi said risks to growth in the euro area continue to be on the “downside.”

The rate fell two basis points to 0.67 percent as of 1:48 p.m. London time, after earlier climbing as much as three basis points to 0.71 percent. Two-year yields slipped one basis point to 0.20 percent.

Draghi was speaking at a press conference in Frankfurt after the ECB maintained its benchmark rate at 0.75 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