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10/35/50-year OATs and Green OAT

FRANCE AUCTION PREVIEW

France will come to the market this morning to sell E10-11bln of LT OATs: 10/35/50-year OATs and Green OAT.

  • 0% Nov-31 OAT: The 10-year OAT was launched in April for E6.57bln and reopened in May for E6.81bln. Demand was very strong with bids of E10.85bln and E11.75bln respectively. At the time of writing prevailing yields were around 0.17%, around half the peak of 0.3246% seen on 19 May, but higher than the 0.13% seen at the last auction.
  • 4.00% Apr-55 OAT: The 35-year OAT was last on offer in November with E1.48bln sold with a bid-to-cover of 1.77x. The OAT was originally launched as a 50-year benchmark in 2005.
  • 0.50% May-72 OAT: This will be the first reopening of the new 50-year OAT that was launched via syndication in January. That transaction saw very strong demand with books of E75bln.
  • 0.50% Jun-44 Green OAT: The 0.50% Jun-44 Green OAT will also be opened for the first time since its launch via syndication in March where E7.0bln was sold from books of E34.5bln. We expect continued strong demand with green bonds seeing high demand across the Eurozone.
  • Timing: Results will be available shortly after the auction closes at 9:50BST.
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