France sells EUR 12.5bln vs exp. EUR 10.5-12.5bln 3.00% 2034, 3.50% 2035, 0.50% 2044 and 2.00% 2048 OAT
- 3.00% 2034: b/c 2.24x & average yield 3.61%
- 3.50% 2035: b/c 1.88x (prev. 2.19x) & average yield 3.73%(prev. 3.39%)
- 0.50% 2044: b/c 2.45x (prev. 2.947x) & average yield 4.24% (prev. 4.03%)
- 2.00% 2048: b/c 2.22c & average yield 4.35%
Context
France's recent bond auction of EUR 12.5 billion sold within the expected range, indicating stable demand, though bid-to-cover ratios suggest a slight weakening in appetite compared to previous auctions for some maturities. The uptick in average yields, particularly in the longer-term bonds, could reflect growing concerns about inflation and expectations for future rate hikes, which may impact investor sentiment across the fixed-income landscape.
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