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Slightly soft auction

SPAIN AUCTION RESULTS
  • Slightly soft Spanish auction with only E4.951bln sold (the smallest auction YTD), the midpoint of the E4.5-5.5bln range that itself had been lowered following last week's E13bln 10-year syndication.
  • Both the 2.80% May-26 Bono and 5.15% Oct-28 Obli saw the stop price around the pre-auction mid-price.

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