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3/5/6-year MT OATs

MNI (London)
  • France will come to the market this morning to sell E9.5-10.5bln of the new 3-year MT OATs, as well as the 5/6-year MT OATs.
  • On offer will be:
  • 0% Feb-25 OAT.
  • 0% Feb-27 OAT. ISIN: FR0014003513.
  • 0.75% Nov-28 OAT. ISIN: FR0013341682.
  • Auction history:
  • The new 0% Feb-25 OAT will be launched via auction today to replace the on-the-run 0% Feb-24 OAT which was launched this time last year. The initial auction saw E3.74bln issued at an average yield of -0.660% and bid-to-cover of 2.34x. It was reopened six times in 2021 with auction sizes ranging from E3.04-4.99bln. The latest auction was on November 18, where E3.05bln was issued at a yield of -0.690% and bid-to-cover of 2.86x.
  • This will be the fifth reopening of the 0% Feb-27 OAT, which was launched via conventional auction in April 2021 for E4.30bln. The most recent auction was on November 19, issuing E2.60bln at an average yield of -0.370%, resulting in a bid-to-over of 2.56x.
  • The 0.75% Nov-28 OAT was last reopened for E1.65bln in July 2021 in an auction that saw an average yield of -0.300% and a bid-to-cover of 2.73x.
  • Timing: Results will be available shortly after the auction closes at 9:50GMT / 10:50CET.

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