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Average auction

  • The MT OAT auction was average. Compared to the last auction, there was a slightly larger gap between the stop price and the average accepted price, and also less of a premium in the stop price versus the pre-auction mid-price. However, these were still acceptable results with tight tails.
  • The bid-to-cover also fell for the on-the-run 3-year OAT while staying steady for the 5-year on-the-run OAT.
  • The top of the target range was sold (E12.0bln).

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