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France 30-year OAT

EGB SYNDICATION

"The REPUBLIC OF FRANCE has mandated BNP Paribas, Citi, Deutsche Bank, HSBC and Société Gén2rale to act as Joint Lead Managers on an upcoming new 30-year OAT EUR benchmark, due 25th May 2055. The transaction will be launched by syndication in the near future, subject to market conditions." From market source.

  • MNI had been expecting this later in the year, noting that recent 30-year OATs have seen over E30bln issued before the next issue is launched, and at the time of writing only E26.0bln of the current 3.00% May-54 benchmark is outstanding.
  • However, France will be looking to take advantage of some of the E31.0bln maturing from the formerly 3-year OAT (along with E22.1bln of a maturing formerly 10-year BTP). In total, there is E53.4bln of EGBs due to mature this week, and with auctions of just E14.5bln there is a very large negative cash flow this week.
  • We pencil in a E5.0bln transaction tomorrow with risks of a larger size.
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