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Successful LT OAT auction but no impact on OAT futures

FRANCE AUCTION RESULTS
  • France has sold the top of it's target range (E10.5bln) in its LT OAT auction today and the stop prices were all in excess of the secondary market prices ahead of the auction closing.
  • The bid-to-covers were all decent too.
  • No real impact on OAT futures but this was a successful auction (albeit smaller than usual - but that was already known in advance and as noted above - this was the top of the target range).

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