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Re the quality of this morning's auction:......>

BTPS
BTPS: Re the quality of this morning's auction: Seeing headlines (ie Bloomberg)
about how the 1.484 bid-to-cover on the 10Yr is the 'highest since December'...
However, they didn't sell max of E2.25bln range today. If they did (as they did
in December), cover would have been 1.2x. There wasn't a cover ratio that low
for a 10-year BTP auction in all of 2017 or 2018 so far.

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