Bunds Fall on Lackluster Sale

German auction raises less than target; Spain bonds gain

German bunds fell for the first time in four days as the nation received bids for less than the maximum target at a sale of 10-year debt amid easing concern the debt crisis is worsening.

Spain’s government securities rallied, with 10-year yields falling from the highest this year, after European Central Bank executive board member Benoit Coeure signaled the institution may resume its program of sovereign-debt purchases. Italy’s bonds advanced even after borrowing costs increased as the country sold 11 billion euros ($14.4 billion) of Treasury bills.

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