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FRANCE AUCTION RESULTS: Successful LT OAT Auction

FRANCE AUCTION RESULTS
CEEMEAEurozoneFranceBulletGlobalFixed Income BulletsRegionMarkets

The French LT OAT auction was successful again: The top of the target range was sold (E12.0bln) and all four LT OATs saw a stop price exceed the pre-auction mid-price. OAT futures remain close to intraday lows at typing though, last -34 ticks at 126.91.

  • Once again, there was a skew to the on-the-run 10-year 3.00% Nov-34 OAT, but not quite as much as last month’s outing (E6.2bln sold vs almost E7bln in September).
  • The bid-to-cover ratio for the 10-year line was 2.15x, just below last-month’s 2.19x.
  • The on-the-run 30-year 3.25% May-55 OAT saw a strong 3.41x bid-to-cover-ratio (vs 2.66x prior), with the stop price of 94.44 in excess of the 94.247 pre-auction mid.
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The French LT OAT auction was successful again: The top of the target range was sold (E12.0bln) and all four LT OATs saw a stop price exceed the pre-auction mid-price. OAT futures remain close to intraday lows at typing though, last -34 ticks at 126.91.

  • Once again, there was a skew to the on-the-run 10-year 3.00% Nov-34 OAT, but not quite as much as last month’s outing (E6.2bln sold vs almost E7bln in September).
  • The bid-to-cover ratio for the 10-year line was 2.15x, just below last-month’s 2.19x.
  • The on-the-run 30-year 3.25% May-55 OAT saw a strong 3.41x bid-to-cover-ratio (vs 2.66x prior), with the stop price of 94.44 in excess of the 94.247 pre-auction mid.