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FRANCE AUCTION PREVIEW: LT OAT Auction (2/2)

FRANCE AUCTION PREVIEW
CEEMEAEurozoneFranceBulletMarketsFixed Income Bullets
  • The new 10-year 3.20% May-35 OAT (ISIN: FR001400X8V5) will be launched, replacing the 3.00% Nov-34 OAT as the on-the-run issue. We would expect at least 50% of today's auction to be allocated to this issue as has been the case in every 10-year launch auction from 2021. We would pencil in a range of around E6.5-8.0bln overall. The January auction saw E7.059bln of the 3.00% Nov-34 OAT sold, the largest single line at a LT OAT auction since this OAT's launch in June where E7.174bln was sold. Auction sizes for the 3.00% Nov-34 OAT ranged from E4.956bln to E7.174bln with bid-to-covers ranging from 1.98x to 2.25x.
  • The on-the-run 3.25% May-55 OAT (ISIN: FR001400OHF4) was last re-opened in January and attracted a 2.37x bid-to-cover for the E2.153bln issued. Since its launch in February 2024, bid-to-covers have been wide ranging between 2.37-2.84x with the amount sold varying from E1.415bln to 2.153bln.
  • The 1.25% May-36 OAT (ISIN: FR0013154044) was also last re-opened in January and attracted a 2.85x bid-to-cover for the E1.840bln sold.
  • The 1.25% May-38 OAT (ISIN: FR0014009O62) was last re-opened in August and attracted a 2.35x bid-to-cover for E1.856bln sold. In 2024, bid-to-covers remained between 1.70-2.35x range with the amount issued varying from E1.856-4.623bln.
  • Results will be available shortly after the bidding window closes at 9:50GMT / 10:50CET.
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  • The new 10-year 3.20% May-35 OAT (ISIN: FR001400X8V5) will be launched, replacing the 3.00% Nov-34 OAT as the on-the-run issue. We would expect at least 50% of today's auction to be allocated to this issue as has been the case in every 10-year launch auction from 2021. We would pencil in a range of around E6.5-8.0bln overall. The January auction saw E7.059bln of the 3.00% Nov-34 OAT sold, the largest single line at a LT OAT auction since this OAT's launch in June where E7.174bln was sold. Auction sizes for the 3.00% Nov-34 OAT ranged from E4.956bln to E7.174bln with bid-to-covers ranging from 1.98x to 2.25x.
  • The on-the-run 3.25% May-55 OAT (ISIN: FR001400OHF4) was last re-opened in January and attracted a 2.37x bid-to-cover for the E2.153bln issued. Since its launch in February 2024, bid-to-covers have been wide ranging between 2.37-2.84x with the amount sold varying from E1.415bln to 2.153bln.
  • The 1.25% May-36 OAT (ISIN: FR0013154044) was also last re-opened in January and attracted a 2.85x bid-to-cover for the E1.840bln sold.
  • The 1.25% May-38 OAT (ISIN: FR0014009O62) was last re-opened in August and attracted a 2.35x bid-to-cover for E1.856bln sold. In 2024, bid-to-covers remained between 1.70-2.35x range with the amount issued varying from E1.856-4.623bln.
  • Results will be available shortly after the bidding window closes at 9:50GMT / 10:50CET.