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Decent auction

SPAIN AUCTION RESULTS
  • Spain sells E5.404bln of nominal 5/8/30-year Bonos/Oblis against a target range of E4.5-5.5bln (so relatively close to the top of the target range).
  • The stop prices at the auction all exceeded the pre-auction mid-prices and the bid-to-covers were generally strong (with the exception of the 30-year Obli which was a bit on the weaker side).
  • All in all a decent auction.

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