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Relatively strong auction

SPAIN AUCTION RESULTS
  • That is a relatively strong Spanish auction with the highest nominal amount of conventional (non-linker) bonds sold since June 2020 (slightly surpassing that sold in January this year).
  • Some of the bid-to-covers fell a little bit, but that was more than made up for with the larger auction sizes.
  • In line with broader core FI moves, we are now trading lower than we were going into the auction.

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