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FRANCE WILL TAP THE MARKET FOR E8.25-9.75BN ON THURSDAY

FRANCE AUCTION PREVIEW
France will sell a combination of nominal OATs and linkers on Thursday for a combined E8.25-9.75bn). On offer are the 0.0% Feb-23 OAT, 0.50% May-26 OAT, 0.75% May-28 OAT, 0.10% Mar-26 OATei, 0.70% Jul-30 OATei, 0.10% Jul-47 OATei.
  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0.0% Feb-23 OAT (18 Jun 2020, E2.22bn, -0.56%, 3.02x), 0.50% May-26 OAT (17 Oct 2020, E2.26bn, -0.37%, 2.40x), 0.75% May-28 OAT (18 Jun 2020, E2.63bn, -0.25%, 1.97x), 0.10% Mar-26 OATei (16 Jul 2020, E0.46bn, -0.98%, 3.40x), 0.70% Jul-30 OATei (20 May 2020, E0.75bn, -0.57%, 1.37x), 0.10% Jul-47 OATei (16 Jul 2020, E0.15bn, -0.75%, 3.33x).
  • RV/HISTORY: OATs have rallied through September and the curve has flattened on the back of the long-end outperforming. The long and very long end of the curve continues to hold in positive yield territory, while the short end is well anchored in the red. Spain will tap the market at around the same time on Thursday with the Tesoro Publico looking to unload E4.0-5.0bn of Bonos/Oblis. Recent auctions have shown that the market has little problem absorbing combined French and Spanish supply.
  • TIMING: Nominal OAT results are due out around 0950BST with linker results published an hour later.
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