France Sells Maximum Targeted EUR6.5 Billion in 2025, 2027, 2048 OATs

By Emese Bartha Features Dow Jones Newswires

The French treasury agency sold 6.498 billion euros ($7.7 billion) in long- and ultra-long fixed-rate bonds at an auction Thursday.

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The allocated amount was at the upper end of the treasury's EUR5.5 billion to EUR6.5 billion target range.

The OATs on offer were existing issues that were reopened.

Below are details of the auction, with the amounts in euros. Figures in brackets are data from the previous auction held May 4, 2016 for the 2025-dated OAT and July 6, 2017 for the 2027- and 2048-dated OATs.

Issue 6.00% Oct. 25, 2025 OAT

Amount on offer (*) 5.5 bln-6.5 bln

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Bids received 2.681 bln

Bids accepted 1.521 bln

Bid-to-cover ratio 1.76 (1.83)

Average yield 0.39% (0.39%)

Average price 145.32 (152.05)

Minimum price 145.27 (152.03)

Settlement day Aug. 7, 2017

Issue 1.00% May 25, 2027 OAT

Amount on offer (*) 5.5 bln-6.5 bln

Bids received 7.724 bln

Bids accepted 3.598 bln

Bid-to-cover ratio 2.15 (1.95)

Average yield 0.75% (0.82%)

Average price 102.34 (101.68)

Minimum price 102.32 (101.63)

Settlement day Aug. 7, 2017

Issue 2.00% May 25, 2048 OAT

Amount on offer (*) 5.5 bln-6.5 bln

Bids received 2.159 bln

Bids accepted 1.379 bln

Bid-to-cover ratio 1.57 (1.53)

Average yield 1.79% (1.87%)

Average price 104.95 (103.01)

Minimum price 104.90 (102.90)

Settlement day Aug. 7, 2017

NOTE:(*) The offer volume refers to the OATs combined.

-Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

August 03, 2017 05:34 ET (09:34 GMT)