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Schatz got dumped after another poor and.....>

SCHATZ
SCHATZ: Schatz got dumped after another poor and uncovered auction. The Sep
contract dropped 1.5 ticks on the news to 112.27. However, the security looked
expensive to France, to swaps and the last time a Schatz was issued in E5bln, it
also failed (back in May). We're trying to make the point that in such thin
conditions, there really was asymmetric risks on that auction.
- The Bund also gave up a small amount of today's gains.

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