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The Buba document calls the un-auctioned 2.356bn "Marktpflegequote", which I'd tentatively translate as "Market maintenance quota".

It doesn't say what that means.

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Nov 23rd, 2011 at 08:52:12 AM EST
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It used to mean they are holding back part of the emission deliberately in order to react to the market, influencing the price. See.  Today's "Marktpflegequote" clearly is involuntary, though.
by Katrin on Wed Nov 23rd, 2011 at 09:08:06 AM EST
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The FT Alphaville thing I posted below wonders if it was voluntary after all ...

I think.

by Colman (colman at eurotrib.com) on Wed Nov 23rd, 2011 at 09:09:50 AM EST
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According to the agency, the usual retained instruments are about 20%.

So 39% is not voluntary.

by IM on Wed Nov 23rd, 2011 at 11:44:56 AM EST
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They also say "it varies wildly" so maybe it is always involuntary and they don't give it much thought, unlike the ticker watchers at Reuters or FT Alphaville who promote noise to news.

To err is of course human. But to mess things up spectacularly, we need an elite — Yanis Varoufakis
by Carrie (migeru at eurotrib dot com) on Wed Nov 23rd, 2011 at 12:07:16 PM EST
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Though there didn't seem to be a lack of inside commentators to say it was a catastrophic auction...
by afew (afew(a in a circle)eurotrib_dot_com) on Wed Nov 23rd, 2011 at 02:20:27 PM EST
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Eurointelligence this morning has this appreciation:

Yesterday, a bund auction flopped for the first time in living memory - as a result of which the entire eurozone no longer has a viable bond market. The flop was a major global event. It sent share price tumbling. Financial investors are now heavily betting on the break-up of the eurozone. Having held up well during most of the crisis, the euro declined to $1.33. Despite the 200bp jump in German yields, Italy's 10-year spreads rose back above 500bp, and Belgium's are now at 350bp.With every day of complacent and ignorant political announcement, especially from Berlin, the crisis deteriorates, and the cost of crisis resolution increases.
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Nov 24th, 2011 at 03:07:01 AM EST
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