3/5/8-year OATs

On offer today: a combined E10-11bln of MT OATs:

• 0% Feb-25 OAT (ISIN: FR0014007TY9)
• 0% Feb-27 OAT (ISIN: FR0014003513)
• 2.50% May-30 OAT (ISIN: FR0011883966)
• Market colour: Short-term OAT yields have risen approx. 63bp since mid-March, following a 38bp and 44bp dip in the 3/5-year yields in the first week of March due to the Ukraine war shock. The May-30 OAT saw a similar decrease in yields by 35bp, since recovering over 90bp in a strong upwards trajectory.
• Spreads to the Schatz have widened approx. 8bp over the last month. Spreads to the Bobl have been more volatile, widening 9bp in the first week of April, then narrowing 6bp over the last two weeks. Similarly, spreads to bunds widened 14bp from mid-March to April 8, then narrowing 10bp since.
• Timing: results will be available shortly after the auction closes at 09:50 BST / 10:50 CEST.