FRANCE AUCTION PREVIEW: On offer next week
Oct-11 09:10
France has announced it will be looking to sell a combined E10-12bln of the following MT OATs at its auction next Thursday, October 17:
- the 2.50% Sep-27 OAT (ISIN: FR001400NBC6)
- the 0.75% May-28 OAT (ISIN: FR0013286192)
- the 2.75% Feb-29 OAT (ISIN: FR001400HI98)
- the 2.75% Feb-30 OAT (ISIN: FR001400PM68)
France has also announced it will be looking to sell a combined E1.75-2.50bln of the following I/L OATs at another auction next Thursday:
- the 0.10% Mar-36 OATi (ISIN: FR0013524014)
- the 0.10% Mar-29 OATei (ISIN: FR0013410552)
- the 0.60% Jul-34 OATei (ISIN: FR001400JI88)
- the 1.80% Jul-40 OATei (ISIN: FR0010447367)
Additionally, France has announced it will be looking to sell up to a combined E8.3bln of the following BTFs at its auction next Monday, October 14:
- E3.1-3.5bln of the new 14-week Jan 22, 2025 BTF
- E1.5-1.9bln of the 25-week Apr 9, 2025 BTF
- E0.3-0.7bln of the 31-week May 21, 2025 BTF
- E1.8-2.2bln of the 51-week Oct 8, 2025 BTF
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GILT AUCTION RESULTS: Widest 10-year auction tail since December 2021
Sep-11 09:10
- The 1.3bp tail on today's auction is also the widest at a conventional (non-green) gilt 10-year gilt auction since December 2021.A wide tail on the 10-year gilt auction with the lowest bid-to-cover at a 10-year auction of 2024.
- The 4.25% Jul-34 gilt is now trading below the pre-auction mid-price with the yield around 1bp higher than the intraday low.
- Gilt futures fell around 5 ticks on the result (but that is a small move relative to the rest of the day.
ITALY T-BILL AUCTION RESULTS: 12-month BOT
Sep-11 09:05
| Type | 12-month BOT |
| Maturity | Sep 12, 2025 |
| Amount | E7.5bln |
| Target | E7.5bln |
| Previous | E7.5bln |
| Avg yield | 2.892% |
| Previous | 3.112% |
| Bid-to-cover | 1.52x |
| Previous | 1.52x |
| Previous date | Aug 09, 2024 |
GILT AUCTION RESULTS: 4.25% Jul-34 Gilt
Sep-11 09:04
| 4.25% Jul-34 Gilt | Previous | |
| Amount | GBP3.75bln | GBP3.75bln |
| Avg yield | 3.757% | 4.082% |
| Bid-to-cover | 2.84x | 2.93x |
| Tail | 1.3bp | 0.5bp |
| Avg price | 104.024 | 101.355 |
| Low price | 103.918 | 101.314 |
| Pre-auction mid | 104.003 | 101.317 |
| Previous date | 30-Jul-24 |
