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3/6/7-Year OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E10.5-11.5bln of medium term OATs
    • 0% Feb-25 OAT (ISIN: FR0014007TY9)
    • 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
    • 0.75% Nov-28 OAT (ISIN: FR0013341682)
    • 0.50% May-29 OAT (ISIN: FR0013407236)
  • Market colour: Since the late-Feb/early March 35bp- falls in yields at the onset of the Ukraine war, 3-year OAT yields are up around 200bp.
  • The newer 0.75% Feb-28 OAT has seen yields rise close to 90bp since the May 19 launch. The Nov-28 OAT saw yields rise shy of 210bp over this year so far, whilst the 7-year OAT is up approx. 205bp. 3/6/7-Year OATs saw yields climb approx. 60bp over the last week following last Thursday's hawkish ECB shift and the global knock-on effect of the US CPI surprise.
  • Timing: Results will be available shortly after the auction closes at 950 BST / 1050 CEST.

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