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3/5/8y OATs, new 10-year OATei

FRANCE AUCTION PREVIEW

France will come to the market today to sell E8.5-10.0bln of MT OATs with E1.5-2.5bln of OATei.

  • New 0% Feb-24 OAT: This issue will launch as the new 3-year benchmark OAT. Demand for the 3-year sector has been very strong with most 3-year 0% auctions seeing demand bid-to-covers of 2.6-3.0x through 2020.
  • 0% Feb-26 OAT: The 5-year benchmark has also see strong demand through 2020. With the exception of October, at least E7.5bln has been bid for the issue at each auction. Ahead of today's auction there was E27.4bln outstanding.
  • 0.75% Nov-28 OAT: This OAT was launched in June 2018 as the 10-year benchmark. It currently has E40.2bln outstanding. It was only sold once in 2020, in April seeing E5.0bln sold in the first round with a bid-to-cover of 1.71x.
  • New 0.10% Jul-31 OATei: This issue will launch as the new 10-year linker benchmark. This will be the first 10-year launch since the 0.10% Mar-29 OATEi was launched in March 2019. There were only two linker issues of more than E1bln in 2020, the launch of the 5-year 0.10% Mar-26 OATei and the syndicated launch of the 15-year 0.10% Mar-36 OATei.
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