Free Trial

The Agence France Tresor.....>

MNI (London)
FRANCE AUCTION PREVIEW: The Agence France Tresor (AFT) conducts its long-term
auctions on Thursday that includes tap of 10-year OAT 0.75% May-2028, 15-year
1.25% May-2034, 1.75% June-2039 and 30-year 2.00% May-2048 for between
E7.5bln-E8.5bln indicative size.
- BACKGROUND: The AFT has so far sold E65.2bln worth of medium-/long term debt
vs official target of E195bln (net of buybacks). There are no French coupon or
redemption payments to underpin demand.  
- RV: The 10-year 0.75% 2028 OAT trades at 0.731% mid-yield - near richest level
since late Dec and was last sold on Mar 1 for E2.94bln at an average yield of
0.900% and cover 1.856 times. The 15-year 1.25% 2034 OAT trades at 1.134%, and
was last sold on Feb 1 for E3.3bln at an average yield of 1.33% and covered
1.34. The 1.75% 2039 OAT trades at 1.336% mid-yield and was last sold on July
12, 2017 - therefore not comparable. The 30-year 2.00% 2048 OAT trades at 1.581%
and last sold on Mar 1 for E1.26bln at an average yield of 0.71%, cover 1.98. 
- TIMING: OAT auction results due after 0900GMT.

To read the full story



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.