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Decent auction

SPAIN AUCTION RESULTS
  • Decent auction with the stop price exceeding the pre-auction mid-price for all Oblis on offer today.
  • The bid-to-cover on the 3-year Bono was a bit weaker than in July (but it was stronger for the 5-year Obli compared to May).
  • Spain issued E6.304bln (from a E5.5-6.5bln target range).
  • A bit of weakness post-auction, but all in line with moves in other EGBs.

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