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Free AccessFrance Will Sell E10-11bn of OATs on Thursday
- France will come to market on Thursday to sell E10-11bn of OATs. On offer at the 0% Nov-31 OAT, 0.50% May-40 OAT and the 0.75% May52 OAT.
- Previous auction results (date, volume, average yield, bid-to-cover): 0% Nov-31 OAT (8 April 2021, E6.57bn, 0.00%, 1.65x), 0.50% May-40 OAT (4 March 2021, EUR2.344bn, 0.43%, 2.30x), 0.75% May 52 OAT (8 April 2021, EUR2.03bn, 0.78%, 2.33x).
- OATs continued to trade weaker through April, with the long-end of the curve still under some pressure. The 2s30s spread trades around 157bp - the steepest since mid-2019.
- There is no tier one economic data ahead of the Thursday auction that could otherwise serve as a catalyst for price action.
- We expect to see strong demand at the auction, with no discernible impact from the earlier Spanish supply.
- TIMING: Results are due out after the auction closes at 0950GMT.
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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.