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Relatively strong auction

FRANCE AUCTION RESULTS
  • There was a tight tail on this morning's auction with the stop price on all three MT OATs on offer above the prevailing market price seen since around 9:00GMT / 10:00CET.
  • The bid-to-cover on the 0% Feb-25 OAT was higher than seen at its last auction. It was lower for the 0.50% May-29 OAT (but that can be fully explained by more of that OAT being sold today). However, it was a little lower for the 0.75% Feb-28 OAT, despite the smaller amount sold today.
  • However, the tight tail and stop price being in excess of the prevailing market prices outweigh any concerns on the bid-to-cover (which in any case were all comfortably in excess of 2.25x), so we view this as a relatively strong auction.
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