FRANCE AUCTION PREVIEW: On offer next week
Oct-10 09:05
France has announced it will be looking to sell a combined E9.5-11.5bln of the following MT OATs at its auction next Thursday, October 16:
- the 2.40% Sep-28 OAT (ISIN: FR001400XLW2)
- the 2.50% May-30 OAT (ISIN: FR0011883966)
- the 2.70% Feb-31 OAT (ISIN: FR001400Z2L7)
- the 0.00% Nov-31 OAT (ISIN: FR0014002WK3)
France has also announced it will be looking to sell a combined E0.75-1.25bln of the following I/L OATs at another auction on that Thursday:
- the 0.60% Jul-34 OATei (ISIN: FR001400JI88)
- the 1.80% Jul-40 OATei (ISIN: FR0010447367)
- the 0.10% Jul-53 OATei (ISIN: FR0014008181)
Additionally, France has announced it will be looking to sell up to a combined E8.1bln of the following BTFs at its auction next Monday, October 13:
- E0.2-0.6bln of the 12-week Jan 7, 2026 BTF
- E2.7-3.1bln of the new 14-week Jan 21, 2026 BTF
- E1.7-2.1bln of the 25-week Apr 9, 2026 BTF
- E1.9-2.3bln of the 51-week Oct 7, 2026 BTF
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ITALY T-BILL AUCTION RESULTS: 12-month BOT results
Sep-10 09:04
| Type | 12-month BOT |
| Maturity | Sep 14, 2026 |
| Amount | E9bln |
| Target | E9bln |
| Previous | E8bln |
| Avg yield | 2.030% |
| Previous | 2.012% |
| Bid-to-cover | 1.39x |
| Previous | 1.41x |
| Previous date | Aug 12, 2025 |
GILT AUCTION RESULTS: 4.00% Oct-31 Gilt Auction Result
Sep-10 09:03
| 4.00% Oct-31 Gilt | Previous | |
| Amount | GBP4.00bln | GBP4.25bln |
| Avg yield | 4.208% | 4.401% |
| Bid-to-cover | 3.27x | 2.74x |
| Tail | 0.2bp | 0.7bp |
| Avg price | 98.888 | 97.778 |
| Low price | 98.876 | 97.740 |
| Pre-auction mid | 98.851 | 97.763 |
| Previous date | 21-May-25 |
GILTS: Front End Heavy Into Supply
Sep-10 08:58
Some underperformance for the front and belly on the curve this morning, bear flattening seen. Presence of the impending ’31 supply a potential factor, bidding deadline imminent.
