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The Circumstantial Factors of European Bonds
There are market features that the European bonds don't have compared to major issues like Germany or France. Because they're new, there is less outstanding of them, so it means that they are less liquid because every day there are less securities that are exchanged. The second thing is that when you're an investor, you value the fact that you can resell it easily. So basically for an investor, if I want to use those bonds for collateral reasons, it's much better to own French or German bonds.