France sells EUR 13.449 vs exp. EUR 11.5-13.5bln 3.50% 2035, 1.25% 2036, 2.50% 2043 and 4.10% 2046 OAT
- 3.50% 2035: b/c 2.19x (prev. 2.43x) & average yield 3.39% (prev. 3.45%)
- 1.25% 2036: b/c 2.31x (prev. 2.418x) & average yield 3.94%(prev. 3.57%)
- 2.50% 2043: b/c 2.45x (prev. 2.377x) & average yield 3.94% (prev. 3.88%)
- 4.10% 2046: b/c 2.02x & average yield 4.04%
Context
France's bond auction saw mixed demand, slightly outperforming expectations with a total sale of EUR 13.449 billion. While the coverage ratios were generally strong, the decline in average yields for the shorter-dated bonds suggests a cautious sentiment among investors, indicating potential concerns about longer-term growth or inflation. Overall, this could impact future bond issuance and the pricing dynamic in the fixed income space.
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