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4/5/7-year OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer: A combined E9-10bln of the 0.50% May-26 OAT ( ISIN: FR0013131877 ), 0% Feb-27 OAT ( ISIN: FR0014003513 ) and 0.50% May-29 OAT ( ISIN: FR0013407236 ).
  • Market colour: Spreads on MT-OATs have been gradually widening since late January, before dipping due to market repricing and then rising over 5bp as the risks of the Russian invasion of Ukraine became apparent at the beginning of March. Prior to the March 10 ECB meeting, yields narrowed, increasing again shortly before the meeting as market concerns of no move by the ECB grew, however stabilised shortly afterwards.
  • The latest bid-to-covers were higher for the 4/7-year OATs, largely due to smaller issuance volumes on offer, whilst hte latest bid-to-cover on the 5-year OAT was the lowest since launch due to high take-up.
  • Timing: Results will be available shortly after the auction closes at 09:50 GMT / 10:50 CET.
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