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Decent auction

FRANCE AUCTION RESULTS
  • Decent French auction with the maximum target amount sold (E5.0bln) and the stop price exceeding the pre-auction secondary market mid-price.
  • The bid-to-covers all look flattered as the December auction is smaller than other months (as announced last week and is always the case in France).
  • All four bonds sold this morning hit an intraday high in the aftermath of the auction.

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