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10/15/30-year OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E9.5-10.5bln 10/15/30-year OATs
    • 0% May-32 OAT (ISIN: FR0014007L00)
    • 1.25% May-36 OAT (ISIN: FR0013154044)
    • 0.75% May-52 OAT (ISIN: FR0013480613)
  • Market colour: 10/15-year OAT yields have risen approx. 145bp and 153bp respectively since the beginning of the year, and were at fresh highs of 1.718% and 1.978% at the time of writing this morning. 30-year OAT yields are up around 135bp from January, also at a high of 2.277% at time of writing.
  • 10/15-year OAT spreads to the Bund widened approx. 18-20bp from the early-Jan launch to the April 8 and May 10 highs and have since narrowed just under 4bp to 52bp and 59bp. 30-year OAT spreads to the 0% Aug-52 Bund widened around 17bp from the beginning of the year to the May 4 high of approx. 86bp, and have since narrowed to around 80bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 0950 BST / 1050 CEST.

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