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MT OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: E9.5-10.5bln of OATs
    • 0% Feb-25 OAT (ISIN: FR0014007TY9)
    • 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
    • 0.75% May-28 OAT (ISIN: FR0013286192)
  • Market colour: 3-year OAT yields increased around 103bp to the June 16 high of 1.699% and have since decreased to 0.957% at the time of writing. 0.75% Feb-28 OAT and 0.75% May-28 OAT yields followed a similar trajectory, rising 93bp and 89bp from the beginning of June to June 16 highs. 5-year yields have since decreased around 70bp off these highs.
  • 0% Feb-25 OAT spreads to the Bobl are currently at a high of approx. 24.9bp, having widened close to 13bp since the beginning of May.
  • 0.75% Feb-28 OAT spreads to the 0% Nov-28 Bund are less than 1bp shy of June 16 highs, now standing at around 40.9bp. 0.75% May-28 OAT spreads are around 1.5bp narrower than last Friday's high, at approx. 37.6bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 950 BST / 1050 CEST.

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