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Decent auction with solid demand for 3-year Bono

SPAIN AUCTION RESULTS
  • That was a decent auction with each Bono / Obli sold exceeding the mid-price ahead of the auction close, and solid bid-to-covers (particularly for the 2.50% May-27 Bono which saw bids over double that received in last month's auction).
  • The total volume of E6.066bln was the middle of the E5.5-6.5bln target range.

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