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10/15/50-year OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E10.0-11.5bln of the 0% May-32 OAT (ISIN: FR0014007L00), the new 1.25% May-38 OAT (ISIN: FR0014009O62) and the 0.50% May-72 OAT (ISIN: FR0014001NN8).
  • Timing: Results will be available shortly after the auction closes at 09:50 BST / 10:50 CEST.

Auction history:

0% May-32 OAT (ISIN: FR0014007L00)

DateIssuedAvg yieldBid/coverPricePre-auctOperation
Current1.182%
Last 3 aveE5.215bln0.423%2.16x
03-Mar-22E6.339bln0.520%1.75x94.8494.70Auction
03-Feb-22E3.435bln0.450%2.62x95.4995.39Auction
06-Jan-22E5.87bln0.300%2.12x96.98NewAuction

1.25% May-38 OAT is being launched today via conventional auction. This OAT is most comparable to the 1.25% May-36 OAT (ISIN: FR0013154044), for which the most recent three auctions are summarised below:

DateIssuedAvg yieldBid/coverPricePre-auctOperation
Current1.348%
Last 5 aveE1.821bln0.192%2.36x
01-Jul-21E2.023bln0.420%2.45x111.98111.82Auction
04-Feb-21E1.587bln0.050%2.71x118.28118.10Auction
03-Dec-20E1.991bln-0.040%2.35x120.02119.85Auction

0.50% May-72 OAT (ISIN: FR0014001NN8)

DateIssuedAvg yieldBid/coverPricePre-auctOperation
Current1.754%
03-Jun-21E1.308bln1.110%1.87x76.2275.92Auction
19-Jan-21E7bln0.593%95.90NewSynd

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