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Strong auction

SPAIN AUCTION RESULTS
  • All the nominal Bonos and Oblis were sold at a premium to their pre-auction mid-prices with decent bid-to-covers. And we have seen a move higher in the price all three nominals post-auction.
  • However, the one caveat is that Spain only sold towards the middle of the target range issued across the nominals with a total of E6.058bln sold (E5.5-6.5bln target range) rather than top of the target range.

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