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Decent-to-strong MT OAT auction

FRANCE AUCTION RESULTS
  • France sold E12.498bln of MT OATs - the largest MT OAT auction for some time and a step up from the recent E12.0bln upper limit recently seen. The auction was strong for the 3/7-year OATs and still decent for the 5-year - with the stop price in excess of the mid-price for all the OATs sold.
  • The bid-to-cover was lower than last month for the 3-year 2.50% Sep-27 OAT, but the volume of bids was broadly unchanged (but more was sold).
  • Demand was lower for the 5-year 2.75% Feb-29 OAT, however, seen by both a lower bid-to-cover and lower volume sold today.
  • There wsa decent demand for the 1.50% May-31 OAT.

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