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Decent auction helps 10y Bund price move higher

GERMAN AUCTION RESULTS
  • Looking at the bid-to-covers on the 10-year Bund auction, it was a slightly softer 10-year Bund auction for the 2.20% Feb-34 Bund than the two previous reopenings but was strong than both the January auctions.
  • However, the lowest accepted price of 98.41 is higher than the secondary market had traded in almost 3 hours.
  • So overall we would say this is a decent auction.
  • This has helped the price move higher post-results (although not quite exceeding the intraday high seen just after the open this morning).

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