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Decent 10y Bund launch

GERMAN AUCTION RESULTS
  • That was a decent launch for the new 10-year Bund this morning, with a bid-to-offer of 1.54x. This was down only marginally from the 1.62x seen last month despite the larger auction size (E5bln today versus E4bln last month).
  • Post-auction we are already trading above the average auction price of 99.61.

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