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SSA

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SSA
Further long-dated SSA issuance is expected to be limited given funding requirements
◆ Nearly $12bn of orders for long-dated dollar deal ◆ Official money places chunky bids ◆ Bond performs, pulls peers’ spreads tighter
SSA
◆ Starting level based on price sensitive investors ◆ Some French accounts less active ◆ Issuer has shorter duration needs than peers
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