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France Will OATs And Linkers On Thursday For A Combined E7.0-8.5bn.

FRANCE AUCTION PREVIEW

France will come to market on Wednesday to tap OATs and linkers for E7.0-8.5bn. On offer are the 0.50% May-25 OAT, 0.0% Feb-26 OAT, 2.75% Oct-27 OAT, 0.70% Jul-30 OATEi, 0.10% Mar-36 OATi.

  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0.50% May-25 OAT (24 Jan 2019, E0.95bn, 0.10%, 4.1x), 0.0% Feb-26 OAT (16 Jul 2020, E4.3bn, -0.415, 2.12x), 2.75% Oct-27 OAT (16 Jul 2020, E1.8bn, -0.38%, 2.25x), 0.70% Jul-30 OATEi (17 Sep 2020, E0.45bn, -1.14%, 3.51x), 0.10% Mar-36 OATi (8 Jul 2020, E3.0bn, -0.63%, synd).
  • RV/HISTORY: OATs have rallied sharply in October and the curve has flattened as lockdown momentum builds across Europe alongside mounting risks to the already fragile regional recovery. Speculation of further monetary accommodation from the ECB is increasing, which will keep longer-end bonds supported.
  • TIMING: OAT results are due out around 0950 and linker results are published an hour later.
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