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8/10/30-year OATs & 22-year Green OAT

FRANCE AUCTION PREVIEW
MNI (London)
  • France will come to the market today to sell E10.5-11.5bln of long-term OATs via auction: the 8/10/30-year OATs and the 22-year Green OAT.
  • On offer will be:
    • 0% Nov-30 OAT. ISIN: FR0013516549.
    • 0% May-32 OAT. ISIN: FR0014007L00.
    • 0.75% May-53 OAT. ISIN: FR0014004J31.
    • 0.50% Jun-44 Green OAT. ISIN: FR0014002JM6.
  • Auction history: The 0% Nov-30 OAT will be reopened for the ninth time today. The last two auctions were on July 1 and March 4 last year. The July reopening saw E2.79bln issued, resulting in a 0.030% yield and 2.38x bid-to-cover. The auction in March issued a significantly larger nominal amount of E6.27bln at a yield of -0.070% and a bid-to-cover of 2.04x.
  • The 0% May-32 OAT was launched via conventional auction on Jan 6, 2022, with E5.87bln sold. This initial launch saw an average yield of 0.300% and a bid-to-cover of 2.12x. The new 0% May-32 OAT replaced the 0% Nov-31 as the on-the-run 10-year OAT. The 10-year OAT was reopened six times last year, with the last auction on November 4. This final reopeneing saw E6.25bln issued, resulting in a 0.160% yield and 1.86x bid-to-cover.
  • France launched E5.0bln of the 0.75% May-53 OAT via syndication on July 6, 2021. The OAT has since been reopened three times. The latest Jan 6 reopening issued E3.33bln, resulting in a yield of 0.990% and bid-to-cover of 1.58x. The November 4 auction saw smaller nominal of E1.66bln issued at a yield of 0.830% and bid-to-cover of 2.56x.
  • The 0.50% Jun-44 Green OAT was launched via syndication on March 16 last year, where E7.0bln was issued for an average yield of 0.526%. The initial launch saw very high demand, with a book size of 34.5bln. The Green OAT has since been reopened twice. The September 2 reopening saw E2.12bln issued for an average yield of 0.550% and a bid-to-cover of 2.14x, whilst the June 3 auction issued E1.803bln for a yield of 0.740%, resulting in a 1.79x bid-to-cover.
  • Timing: Results are due shortly after the auction closes at 09:50 GMT / 10:50 CET.
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