BOE: STR small increase largely offsets Tuesday's ILTR reduction

• Another weak German auction today of the 2.20% Oct-30 Bobl. Amount of bids remained roughly unchanged vs October 7, when the line was last issued.
• Demand metrics remained very weak despite picking up marginally vs Oct 7: The auction was technically uncovered with a 0.94 bid-to-offer. Bid-to-cover also low at 1.24x. The lowprice achieved at the auction was above the pre-auction secondary market midprice, however.
• No discernible market reaction following the results.

"ECB'S PANETTA: EURO APPRECIATION IS SIGNIFICANTLY ERODING PRICE COMPETIVENESS OF EU PRODUCTS" - Reuters