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Free AccessThe Agence France Tresor.....>
FRANCE AUCTION PREVIEW: The Agence France Tresor will tap the market for
E9.0-11.5bln on Thursday, with E7.5-9.0 targeted for OAT auctions and
E1.5-2.5bln for the new linker. On offer are the 0.00% Feb-22 OAT, 0.00% May-22
OAT, 0.00% Mar-24 OAT, 1.00% Nov-25 OAT and the new 0.10% Mar-29 OATei.
- BACKGROUND: At the last auction of the 0.00% Feb-22 OAT, E3.5bln was sold at
an average yield of -0.34% and bid-to-cover of 2.67x. The 0.00% May-22 OAT was
last sold in January, with E1.5bln allotted at an average yield of -0.35%. The
0.00% Mar-24 OAT was last auctioned at a yield of -0.09% and bid-to-cover of
2.5x. The 1.00% Nov-25 OAT was last tapped in October 2018 with E1.8bln sold at
an average yield of 0.39% and bid-to-cover of 1.8x.
- RV/HISTORY: French OATs have broadly rallied since October, with yields taking
another sharp leg lower in March following the ECB's dovish tilt. Outperformance
at the long-end has caused the curve to flatten. OAT-Bund spreads have similarly
narrowed significantly since the beginning of the year.
- TIMING: The OAT auction results are due shortly after 0950GMT, while linker
results will be published an hour later.
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.