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Decent Schatz auction; but there was a big concession going into close

GERMAN AUCTION RESULTS
  • That was a decent Schatz auction - very good bid-to-offer / bid-to-cover and a nice premium for the LAP over the pre-auction mid-price.
  • However there was a decent concession in the secondary market going into the auction (we moved from around 100.900 around 7 minutes before the auction to a low of 100.859 just after the bidding window closed - so the premium isn't as strong as it would appear at first glance.

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