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5/14/18-Year Linkers

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: A total E1.0-1.5bln of linkers
    • 1.85% Jul-27 OATei (ISIN: FR0011008705) FR0013250560
    • 0.10% Mar-36 OATi (ISIN: FR0013524014) FR0013154044
    • 1.80% Jul-40 OATei (ISIN: FR0010447367)
  • Market colour: 5-year French linker yields rose close to 80bp from June 9 to the June 14 high of -0.910% and were back around -0.933% at the time of writing. 14-year linkers saw a slightly softer 69bp increase, whilst the 18-year linker yields increased around 57bp in the June 9 to the June 14 period. Yields were down a modest 5bp and 1bp at 0.0710% (14y) and 0.298% (18y) at the time of writing.
  • 5-year breakevens to the May-27 OAT rose around 155bp from late Jan to the May 2 high of approx. 340bp, whilst breakevens to the May-36 OAT began to rise mid-Feb, increasing about 100bp to a May 5 high of approx. 278bp. 18-year OATei breakevens to the May-40 OAT were up around 85bp to the April 29 high. 5/14/18-year breakevens have since fallen 65bp, 37bp 49bp, to around 275bp, 242bp and 230bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 1050 BST / 1150 CEST.
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