FRANCE AUCTION RESULTS: Decent MT OAT Auction
Apr-17 09:03
Looks like a decent French auction, with the top of the E10-12bln range sold and healthy bid-to-covers across lines.
- The sale was skewed slightly towards the new 2.70% Feb-31 OAT (E4.396bln sold), which attracted a 3.15x bid-to-cover ratio.
- The 2.40% Sep-28 OAT saw a 3.43x bid-to-cover for the E3.596bln issued (vs 3.49x at the March re-opening). The lowest accepted price of 100.26 exceeded the 100.208 pre-auction mid. The OAT now trades at 10.228 on the secondary market, off session lows of 100.203.
- The 2.00% Nov-32 OAT saw a 3.56x bid-to-cover for the E3.999bln issued (vs 2.68x back in September 2024). The low price of 93.40 was also above the 93.288 pre-auction mid.
- Limited reaction in OAT futures since the 0950BST bidding deadline passed.
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EQUITIES: Roll Pace Update
Mar-18 09:02
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- NQA; 51%.
- DOW: 66%.
- VGA: 37% (as of Yesterday for the EU).
- DAX: 28%.
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