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MT OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: E9-10bln of medium-term OATs
    • 0% Feb-27 OAT (ISIN: FR0014003513)
    • 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
    • 0% Nov-29 OAT (ISIN: FR0013451507)
  • Market colour: MT OAT yields are edging closer to highs of mid-June. 5/6-year OAT yields have risen around 105bp and 88bp since Aug 1 to 1.797% and 1.934%.
  • 7-year OAT yields have increased around 95bp to currently stand around 1.983%.
  • 5-year OAT spreads to the 0% Apr-27 Bobl have narrowed close to 7bp and 6-year OAT spreads to the 1.30% Oct-27 Bobl by almost 13bp from the July 6 high. 5/6-year spreads were around 27.2bp and 33.6bp at the time of writing.
  • 7-year OAT spreads to the 0% Aug-29 Bund are around 9bp narrower than July 6 hhighs, standing around 42.2bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 0950 BST / 1050 CEST.

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