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FRANCE AUCTION PREVIEW

France has announced it will be looking to sell a combined E9.5-11.5bln of the following MT OATs at its auction next Thursday, July 18:

  • the 1.00% May-27 OAT (ISIN: FR0013250560)
  • the 2.50% Sep-27 OAT (ISIN: FR001400NBC6)
  • the 2.75% Feb-30 OAT (ISIN: FR001400PM68)
  • the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3)
The auction size is a little smaller than the E12.0bln or E12.5bln seen in every auction this year (apart from the June auction that saw a smaller E10.5bln upper limit during the election campaign. So this is a return to normality rather than a big increase.
France has also announced it will be looking to sell a combined E1.75-2.5bln of the following IL OATS at another auction next Thursday:
  • the 0.10% Mar-28 OATi (ISIN: FR0013238268)
  • the 0.10% Mar-29 OATei (ISIN: FR0013410552)
  • the 0.60% Jul-34 OATei (ISIN: FR001400JI88)
  • the 0.10% Jul-53 OATei (ISIN: FR0014008181)

Additionally, France has announced it will be looking to sell up to a combined E7.7bln of the following 12/15/26/52-week BTFs at its auction next Monday, July 15:

  • E3.2-3.6bln of the 12-week Oct 9, 2024 BTF
  • E0.2-0.6bln of the 15-week Oct 30, 2024 BTF
  • E1.3-1.7bln of the 26-week Jan 15, 2025 BTF
  • E1.4-1.8bln of the new 52-week Jul 17, 2025 BTF

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