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New 10-year OAT, 20-year Green & 26/30-year OATs

FRANCE AUCTION PREVIEW
MNI (London)
  • On offer today: E11.0-12.0bln of OATs
    • New 2.00% Nov-32 OAT (ISIN: TBA)
    • 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6)
    • 2.00% May-48 OAT (ISIN: FR0013257524)
    • 0.75% May-53 OAT (ISIN: FR0014004J31)
  • Market colour: the 20-year Green OAT and 26-year OAT yields rose around 75bp and 66bp respectively from the beginning of June to the June 16/17 highs of approx. 2.76% and have since decreased around 39 and 33bp.
  • 30-year OAT yields increased around 67bp from the beginning of June to the June 14 3.646% high, and are currently back around
  • The 20-year Green OAT "greenium" to the 3.25% May-45 OAT stood around 0.28bp at the time of writing, coming off the 1.95bp high seen on June 24. 26-year OAT spreads to the 1.25% Aug-48 Bund are currently at a high of around 87.6bp, having traded in the 74bp to 87bp range over the last three months. 30-year OAT spreads to the 0% Aug-52 Bund are also trading at a high, just below the high of approx. 95.9bp on Tuesday after spreads bounced around the 82-92bp range over the past three months.
  • Timing: Results will be available shortly after the auction closes at 950 BST / 1050 CEST.

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