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Average auction

ITALY AUCTION RESULTS
  • Average auction with bid-to-covers generally in line with the previous results (despite the smaller size for the 3/7-year BTPs).
  • The price dipped shortly after the auction closed and we continue to trade below both the pre-auction mid-price and the average auction price (other than the 30-year BTP which has moved to its highest level for around 2 hours).

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