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Average to mildly disappointing auction

SPAIN AUCTION RESULTS
  • Fairly average to mildly disappointing result for the Spanish auction (with the 0% Jan-28 Obli seeing the best results of the three bonds on offer).
  • All three Oblis had moved lower going into the auction so the stop out price wasn't actually as far above the prevailing price 10 minutes ahead of the auction than the results suggest (the mid-price in the results table is from around 5 seconds prior to the auction closing time).
  • Obli prices moved higher after the bidding deadline but following the results have softened up a bit again (albeit remaining above the lows pre-auction).

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