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Strong French auction: Highest bids for 10-year OAT since 2020

FRANCE AUCTION RESULTS
  • Strong demand seen at the French LT OAT auction.
  • The bid-to-covers were generally strong, particularly for the 10-year OAT. Note that this was a larger French auction than usual with a combined E13.0bln sold.
  • The 10-year 3.50% Nov-33 OAT saw the highest volume of bids for a 10-year OAT since July 2020 and the E7.454bln of accepted bids was the highest for at least the last 5-years.
  • Decent premiums between stop prices and pre-auction mid-prices make this a decent auction.

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