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Free AccessFrance taps 4 OATs...........>
FRANCE AUCTION PREVIEW: France taps 4 OATs Thursday for a fairly decent
E7.5-E8.5bln indicative size. On offer are 0.50% May-26 OAT, 0.75% May-28 OAT,
1.25% May-34 OAT and 2.00% May-48 OAT, so potentially a lot of duration.
- BACKGROUND: No coupon or redemption flows to help, although E28bln of a French
bond redeemed last Wednesday. The French AFT tends to always issue at the top of
the target range.
- RV: The other off-the-run, the May-26 has cheapened vs swaps by 5.5bp in past
month and has widened by 2.5bp vs Bunds/DSLs/RAGBs but remains at tight levels.
The 0.75% May-28 currently trades at 0.804% around 8bp higher than 1-month ago
and 5bp cheaper vs swaps, while it has cheapened by 1.5bp vs German Bunds and
2.5bp vs Belgium. Yield on the May-34 have sold off around 10bps and has
underperformed swaps by circa 5bps and has recently cheapened vs Germany/Dutch
and Finland but from multi-year tights. Lastly the 30-yr OAT has sold off by
around 9bps since mid-April with the 10s/30s curve steepening by circa 4bps in
last week and has cheapened by 2bp vs Dutch paper.
- RESULTS: Nominal bidding closes at 0950GMT. Results are due around 1000GMT
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.