NGBs are cheap, but have stayed so since the start of the pandemic and we do not expect them to get more expensive before the syndication of the new 10Y bond next month. The 2024-bond is not long enough to offer alot of duration to the L&P sector and with an uncertain outlook for the underlying structural liquidity, we do not believe banks will want to load up more bonds just now. Therefore, we believe in an average result for the upcoming auction.
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