France sells EUR 12.399 vs exp. EUR 10.5-12.5bln 2.40% 2029, 2.50% 2030, 2.70% 2031 and 3.50% 2033 OAT
- 2.40% 2029: b/c 1.92x (prev. 2.50x) & average yield 2.86% (prev. 2.40%)
- 2.50% 2030: b/c 1.97x (prev. 2.614x) & average yield 2.92% (prev. 2.48%)
- 2.70% 2031: b/c 1.87x (prev. 2.61x) & average yield 3.04% (prev. 2.60%)
- 3.50% 2033: b/c 1.95x (prev. 2.736x) & average yield 3.42% (prev. 3.19%)
Context
The French auction's mixed results show weaker demand compared to previous auctions, indicating declining investor appetite, particularly for the longer maturities. Higher average yields across all maturities may suggest a shift in market sentiment toward rising rates, which could impact future French government borrowing costs and broader European fixed income sentiment.
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