MT OATs

France will come to the market this morning to sell E9-10bln of MT OATs (the on-the-run 5-year OAT and 4/7/8-year OATs that were originally issued as 10-year benchmarks).

• 0.50% May-25 OAT: This 4-year OAT was originally issued as a 10-year OAT in 2015. It was last reopened in October when E1.90bln was sold from bids of E3.26bln, achieving a bid-to-cover of 1.72x.
• 0% Feb-27 OAT: The 0% Feb-27 was launched as the new on-the-run 5-year OAT in April with E4.30bln sold from bids of E9.51bln (bid-to-cover of 2.21x). It was reopened last month for E3.30bln with E7.63bln of bids (bid-to-cover of 2.32x).
• 0.75% May-28 OAT: This 7-year OAT was last reopened in March with E1.41bln sold at a bid-to-cover of 2.51x. Again, it was originally launched as a 10-year back in 2017.
• 0.50% May-29 OAT: Another former 10-year benchmark. It was last reopened in April with E2.24bln sold from bids of E5.92bln (bid-to-cover of 2.65x).

Timing: Results will be available shortly after the auction closes at 9:50BST.