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New 30-year May-53 OAT preview

EGB SYNDICATION

France will come to the market, probably today, to launch its new 30-year OAT maturing 25 May 2053.

  • This will replace the 0.75% May-52 OAT As the on-the-run 30-year issue. That OAT has E30.53bln outstanding and was reopened monthly between Jan-May this year, with bid-to-covers never falling below 2.10x through 2021 showing the strong demand for 30-year OATs.
  • The size of today's syndication has already been set at E5bln (will not grow). This is in line of the launch of the 0.75% May-52 OAT launch in January 2020 (see below).
  • We would expect order books today to be higher than in January 2020 and wouldn't be surprised to see books over E40bln.
  • France has held five syndications since the beginning of 2020:
    • In January 2020 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 2020 the 0.50% May-40 OAT was launched with order books of E51bln and a total size of E7.0bln.
    • In June 2020 the 0.10% Mar-36 OATi launched with order books of E16bln and a total size of E3.0bln.
    • In January 2021 the 0.50% May-72 OAT was launched with order books of E75bln and a total size of E7.0bln.
    • In March 2021, the second Green OAT was launched with a Jun-44 maturity. Order books were E35bln and E7.0bln was sold.
  • Timing: Books tend to close at 11:00UK/12:00CET with pricing around 14:00-15:15UK /15:00-16:15CET.
  • Joint Lead Managers: Barclays, BNP Paribas, BofA Securities, Credit Agricole CIB and Nomura.
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