New 10-year OATi / 15y OATei tap

France will also come to the market this morning to sell E2-3bln of linkers.

• 0.10% Mar-32 OATi: The new 10-year OATi is the only OATi issue planned to be launched in 2021 and follows just one OATi being launched in 2020 (the 0.10% Mar-36 OATi). That issue was launched via syndication for E3.0bln with books of E16.0bln. The new 10-year 0.10% Jul-31 OATei launched via auction in January is perhaps a better benchmark for demand. That saw bids of E4.59bln with E2.37bln issued. We would in excess of E2bln of the new 0.10% Mar-32 OATi to be issued today.
• 0.10% Jul-36 OATei: The 15-year OATei will be issued for the first time since November today. Last year's auctions saw between E297-459mln issued at the first round of 2020's four auctions. With inflation expectations picking up across the Eurozone, we expect demand for linkers to be high at present and therefore look for issuance towards the top of this range at today's auction.
• Timing: Results will be available shortly after the auction closes at 10:50BST.