| 2.40% Sep-28 OAT | 2.50% May-30 OAT | 2.70% Feb-31 OAT | |
| ISIN | FR001400XLW2 | FR0011883966 | FR001400Z2L7 |
| Amount | E3.953bln | E2.833bln | E5.213bln |
| Previous | E3.739bln | E1.842bln | E4.72bln |
| Avg yield | 2.270% | 2.580% | 2.740% |
| Previous | 2.280% | 2.730% | 2.690% |
| Bid-to-cover | 3.25x | 3.49x | 2.72x |
| Previous | 2.88x | 2.85x | 3.42x |
| Avg Price | 100.40 | 99.64 | 99.80 |
| Low Price | 100.39 | 99.63 | 99.78 |
| Pre-auction mid | 100.344 | 99.552 | 99.710 |
| Prev avg price | 100.37 | 98.73 | 100.05 |
| Prev low price | 100.36 | 98.70 | 100.05 |
| Prev mid-price | 100.300 | 98.681 | 99.955 |
| Previous date | 19-Jun-25 | 16-May-24 | 19-Jun-25 |
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Large OAT Basis trade, suggest Cash seller:
WTI futures traded sharply higher last week and Friday’s early rally marked an acceleration of the current bull phase. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend is currently in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted $68.49, the Jun 13 low. A breach of this level would signal scope for a deeper retracement. A bullish theme in Gold remains intact and last week’s gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3267.0, the 50-day EMA.