France sells EUR 13.497bln vs exp. EUR 11.5-13.5bln 2.40% 2029, 2.70% 2031, and 2.00% 2032 OAT

• 2.40% 2029: b/c 2.50x (prev. 3.48x) & average yield 2.40% (prev. 2.57%)
• 2.70% 2031: b/c 2.61x (prev. 2.655x) & average yield 2.60% (prev. 2.76%)
• 2.00% 2032: b/c 2.94x (prev. 3.562x) & average yield 2.89% (prev. 2.98%)

The recent French bond auction saw stronger-than-expected demand, with total bids exceeding the expected range. While the average yields on the bonds came in lower compared to previous auctions, the bid-to-cover ratios indicate that investor appetite remains stable, albeit slightly diminished. This could imply a cautious sentiment among investors regarding interest rate expectations and future bond supply dynamics.