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Free AccessThe Agence France Tresor.....>
FRANCE AUCTION PREVIEW: The Agence France Tresor taps off-the-run OAT 6% Oct-25,
10-year benchmark OAT 1% May-27 and 30-year benchmark OAT 2% May-48 issues
Thursday for an indicative size of between E5.5bln-E6.5bln.
- BACKGROUND: The AFT has so far sold E142.2bln worth of medium-/long term debt
vs official target of E185bln (net of buybacks) and gross supply estimate of
E212bln. Moreover, demand is seen underpinned by recent redemption payment by
France for E36.36bln on July 25. Moreover, today's auction is small for a long
maturity sale but in line with an August issuance size.
- RV: The OAT 6% Oct-25 is an old 30-year issue and trades at 0.388% mid-yield
but special in repo. This issue was last sold in May 2016 - therefore not
comparable. The OAT 1% May-27 trades at 0.758% mid-yield or a spread of 33bps vs
10Y Bund. This issue was last sold on July 6 for E3.79bln at avg yield 0.82%,
cover 1.95. The OAT 2% May-48 trades at 1.794% mid-yield and the recent
flattening in 10-/30Y yield spread implies richening vs 10-year part of the
curve and was last sold on July 6 for E2.285bln at avg yield 1.87%, cover 1.53.
- RESULTS: Nominal Bidding closes at 0850GMT. Results due around 0900GMT.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.