FRANCE AUCTION RESULTS: Limited Reaction To Acceptable MT OAT Auction
Nov-20 10:06
Top of the E10-12bln range sold at today’s MT OAT auction, skewed towards the on-the-run 2.40% Sep-28 OAT (E3.911bln).
- Bid-to-cover ratios were a little weaker than the previous outings for the Sep-28, Feb-31 and Nov-33 lines.
- Lowest accepted prices were nonetheless above pre-auction mid prices across lines.
- For the Sep-28 OAT, the softer cover ratio comes despite today’s auction being smaller than last month’s E4.707bln. The secondary price of this OAT dipped to 100.080 on publication of the results, but has since recovered back to the pre-auction mid of 100.089.
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