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New May-72 syndication

FRANCE AUCTION PREVIEW

France will come to the market, probably today, to launch at new 50-year OAT, maturing 25 May 2072. We expect a size of E4-7bln.

  • France held three syndications in 2020:
    • In January the 0.75% 30-year May-52 OAT was launched with order books of E26.5bln and a total size of E5.0bln.
    • In May the 0.50% May-40 OAT was launched with order books of E51bln and a total size of E7.0bln.
    • In June the 0.10% Mar-36 OATi launched with order books of E16bln and a total size of E3.0bln.
  • French syndications generally take place on either Tuesdays or Wednesdays.
  • Timing: Books tend to close at 11:00UK/12:00CET with pricing around 14:00-15:00UK /15:00-16:00CET.
  • Joint Lead Managers: BNP Paribas, Deutsche Bank, HSBC, J.P. Morgan and Societe Generale

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