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Next week's auction size smaller, in line with our expectations

FRANCE AUCTION PREVIEW
  • Regarding the French auction size, we had expected a reduction in auction size next week to E8.5-10.5bln. So the upper end of the auction range is in line with our expectations, but the lower end a bit smaller.
  • We had noted in both our weekly issuance doc and today's update we had noted:
  • "The target range for the auction may be reduced again, given that this auction is sandwiched between the first and second rounds of the French parliamentary elections. So far this year the upper end of the target range for LT OAT auctions has been E12-13bln. The MT OAT auction saw a E1.5bln reduction in the top of the target range and a E2.5-3.0bln reduction to the bottom of the target range. If this was replicated we would see something in the region of a E8.5-10.5bln target range."
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