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Poor 3-year results, but decent 15-year

EU-BOND AUCTION RESULTS
  • That's a relatively poor 3-year EU-bond auction result - with the bids (E2.702bln) for the 3-year below the upper limit of E3bln. There was also a notable fall since the last time this EU-bond was reopened (7 weeks ago on 27 May), with bids at that auction E4.511bln.
  • At that prior auction, the upper limit was a smaller E2.5bln with E2.362bln actually sold. So today did see a larger volume sold at E2.533bln - but with a wide tail bringing the lowest accepted price at 99.970 below the pre-auction mid-price of 99.975 (and notably below the 99.992 average price).
  • The short 15-year 3.375% Oct-38 EU-bond auction was much more positive in comparison.
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