France sells EUR 13.5bln vs exp. EUR 11.5-13.5bln 3.20% 2035, 3.50% 2035, 3.60% 2042 and 3.00% 2049 OAT

France's recent bond auction raised EUR 13.5 billion, exceeding expectations, reflecting strong demand with bid-to-cover ratios generally improving.

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France sells EUR 13.5bln vs exp. EUR 11.5-13.5bln 3.20% 2035, 3.50% 2035, 3.60% 2042 and 3.00% 2049 OAT

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Evonik (EVK GY) FY (EUR) Sales 14.1bln (exp. 14bln), Adj. EBITDA 1.87bln (exp. 1.87bln). FY Outlook: Adj. EBITDA 1.7-2bln (exp. 1.84bln)

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  • 3.20% 2035: b/c 2.87x (prev. 2.32x) & average yield 3.38% (prev. 3.27%)
  • 3.50% 2035: b/c 2.43x (prev. 1.98x) & average yield 3.45% (prev. 3.53%)    
  • 3.60% 2042: b/c 2.42x (prev. 2.12x) & average yield 3.98% (prev. 4.05%)    
  • 3.00% 2049: b/c 2.71x (prev. 3.199x) & average yield 4.24% (prev. 4.12%)
Context

The average yields varied, indicating shifting investor sentiment, with the 2042 bond experiencing a slight yield decline, suggesting cautiousness about future inflation dynamics. This outcome could influence the broader yield curve and risk sentiment in fixed income markets, particularly amid ongoing discussions about monetary policy adjustments.

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