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Decent auction

GERMAN AUCTION RESULTS
  • This was a decent 7-year Bund auction with a higher volume of bids (E6.369bln) than the March auction (E5.613bln) despite today's auction being for the smaller amount of E3bln (versus E4bln).
  • The price was broadly in line with prevailing secondary pricing but we saw a bit of a move higher post-auction and the 2.10% Nov-29 Bund is now sitting marginally above the average price achieved at auction (99.26).

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