French bonds gain on auction

Source: Bloomberg
French bonds surged on Monday's debt sale as their yields dropped in the first country's first auction since S&P downgrade. Successful note auction helped to improve market sentiment across Euro Zone, said Orlando Green, Credit Agricole strategist. The borrowing costs on 10-year French bills dropped 4 b.p. or 0.04 p.p. reaching 3.04%. Analysts suggest, S&P move was not a surprise, therefore it did not have crucial impact on the yields. 
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