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Average auction

SPAIN AUCTION RESULTS
  • Average results for the Spain auction with the bid-to-cover for the 10-year Obli boosted by the smaller auction size (following the syndication earlier this week).
  • The stop price was above the pre-auction mid-price for all three Oblis on offer this morning.
  • All three Oblis are now trading below the stop price of the auction - but moves have not been substantial.

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