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MT OAT: Average auction

FRANCE AUCTION RESULTS
  • As with the Spanish auction we have seen the stop prices all exceeding the pre-auction mid-prices in the MT OAT auction.
  • However, the total nominal amount issued today was E11.249bln versus a target range of E10.0-11.5bln. This marks the first time that the top of the target range has not been sold since February 2021 at a MT OAT auction (although note that recent LT OAT auctions have not all been at the top of the target range).
  • Overall we would still class this as an average auction.

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