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New 10y OAT and 8y/30y taps

FRANCE AUCTION PREVIEW

France will come to the market this morning to launch the new 10-year 0% Nov-31 OAT and reopen the 8-year 0% Nov-29 OAT and the 30-year 0.75% May-52 OAT. E10-11bln will be on offer.

  • 0% Nov-29 OAT: The 0% Nov-29 OAT will be on offer for the first time since May 2020, its last auction as the benchmark 10-year OAT. The closest comparable auction will be that of the 0.50% May-29 OAT which was reopened on 18 February. This auction saw bids of E5.69bln with E3.04bln sold.
  • 0% Nov-31 OAT: Today the new 10-year OAT, the 0% Nov-31, will be launched. This will replace the 0% Nov-30 OAT as the benchmark 10-year. We expect very strong demand today and note that the last two auctions of the 0% Nov-30 OAT have seen bids of E12.79bln and E13.45bln respectively with over E6bln sold on both occasions. There is a good chance that today sees the first benchmark 10-year OAT auction with a non-negative yield since the 0% Nov-30 OAT was launched in June.
  • 0.75% May-52 OAT: The benchmark 30-year OAT has seen varying demand at auctions so far this year. Bids have ranged from E3.88bln in February to E7.18bln in January, although the amount sold has been varied by the AFT so that bid-to-covers remain at a consistent 2.1x-2.4x. Yields have stabilised somewhat over the past month with the OAT trading in a 0.668%-0.862% 20bp range since 4 March.
Timing: Results are expected shortly after the auction closes at 9:50BST.
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