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Strong bid materialised in the front end.....>

SCHATZ
SCHATZ: Strong bid materialised in the front end of European curves,
particularly in France. While not fully explaining the French outperformance in
the front end, note that there is a E17bln Obl that matures on Friday. Tomorrow,
regular trade settlement will benefit from this flow. Also, short-dated issuance
is now largely out of the way until what is probably a E1.5-2.5bln sized Italian
CTZ auction on Friday (we find out details later this evening).

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