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Average French LT OAT auction

FRANCE AUCTION RESULTS
  • That was an average French LT OAT auction. The stop price was above the pre-auction mid-price for all OATs sold but at less of a premium than the previous auction for each issue.
  • Bid-to-covers were also lower for the 10/15-year OATs although for the latter that was largely due to the larger auction size today.
  • The overarching decrease in general EGB pricing has dominated any auction impact with prices of all OATs sold today now trading below their stop price.

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