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SSA

Auction format serves EFSF well for €1bn tap

The EFSF auctioned a tap of 10 year bonds on Tuesday, the longest dated auction the issuer has done to date. The issuer was able to reach its minimum target and priced at a level very close to its curve, according to bankers. However, some syndicate bankers were left perplexed by the opaqueness of the process.

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