10/23/30-year OATs

France will come to the market today to reopen E8.5-10.0bln of the on-the-run 10/30-year OATs and an off-the-run 23-year OAT.

• On offer will be:
  • 0% May-32 OAT. ISIN: FR0014007L00.
  • 3.25% May-45 OAT. ISIN: FR0011461037.
  • 0.75% May-53 OAT. ISIN: FR0014004J31.
• Auction history:
• The 0% May-32 OAT was launched via conventional auction on Jan 6, 2022 as the new 10-year benchmark. This initial launch saw E5.87bln sold at an average yield of 0.300% and a bid-to-cover of 2.12x. The 10-year OAT has been reopened once so far, on February 3 this year. This auction saw E3.435bln issued at an average yield of 0.450% and 2.62x bid-to-cover.
• The off-the-run 3.25% May-45 OAT was originally launched as a 30-year OAT in 2013. The 25-year OAT was last reopened on December 2 last year. This auction saw E1.099bln issued for an average yield of 0.500% and bid-to-cover of 2.70x. Prior to that the most recent auction was March 7, 2019.
• France launched the 0.75% May-53 OAT via syndication on July 6, 2021 for E5.0bln. The OAT has since been reopened four times. The latest February 3 reopening saw E1.981bln issued at an average yield of 1.050% and 2.00x bid-to-cover. The previous auction was on January 6, where E3.33bln was issued, resulting in a yield of 0.990% and bid-to-cover of 1.58x.
• Timing: Results will be available shortly after the auction closes at 0950 GMT / 1050 CET.