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- 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.