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CORRECTION. MISSING BANK NAME. Peter..........>

BUNDS
BUNDS: CORRECTION. MISSING BANK NAME. Peter Chatwell and Antoine Bouvet  at
Mizuho write that "The technical backdrop to the 30Y Aug48 Bund auction today is
positive in our view as this will be the first tap of this issue and will take
its outstanding to only EUR 3bn. In addition, repo levels suggest a short base
which should boost demand at the sale. We find it difficult to justify the
current Aug46-Aug48 roll level even adjusting for convexity. We attribute
current valuation to the scarcity of Aug48 which should subside over time and
result in a steepening of the roll"

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