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France Will Sell E10.0-11.5bn Of L/T OATS


France will well a combination of long-term OATs for E10.0-11.5bn on Thursday. On offer are the 0% Nov-30 OAT, 1.25% May-34 OAT, 0.50% May-40 OAT and the 0.75% May-52 OAT.

  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0% Nov-30 OAT (2 Jul 2020, E5.54bn, -0.09%, 2.73x), 1.25% May-34 OAT (2 Jul 2020, E2.21bn, 0.11%, 2.14x), 0.50% May-40 OAT (27 May 2020, E7.0bn, 0.53%, synd), 0.75% May-52 OAT (3 Sep 2020, E1.77bn, 0.53%, 1.99x ).
  • RV/HISTORY: The long-end of the OAT curve has started to trade weaker in in recent days, having broadly rallied through September. Tentative signs of a slowdown in economic momentum, coupled with disappointingly weak September CPI prints in Germany, France and Italy, have kept OATs supported. This morning's September PMI prints are final estimates and should not be market-moving. Spain will be adding supply around the same time as the OAT auction, but recent experience suggests that the market has little difficulty in absorbing issuance from both sellers.
  • TIMING: Results are due out shortly after the auction closes at 0950BST.

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