Agence France Trésor announces today the launch of the new OAT 3.60% 25 May 2042. After the opening of the order book on Tuesday 21 January early morning and its completion at midday, total demand reached more than €130 bn, out of which €10 bn were allocated.
The price has been set at 99.176, reflecting a yield of 3.664% at issuance.
Lead managers for this operation were BNP Paribas, Crédit Agricole CIB, HSBC, Morgan Stanley and Société Générale. All the primary dealers were part of the syndicate.
The allocation illustrates the diversity and the quality of the investor base on which relies the French sovereign debt market. More than 450 final investors took part in the transaction. The syndicated amount has been allocated to asset managers for 36%, to official institutions for 30%, to banks for 17%, to pension funds for 9%, to insurers for 7% and hedge funds for 1%.
The geographical distribution of investors shows solid domestic and international demand, especially in Eurozone countries (35%): investors from France (13%) and other countries from the Eurozone (22%). The remaining investors come from the United Kingdom (30 %), other European countries (19%), Asia (15%) and from the rest of the world (1%).
Further details
The settlement date for the OAT is 28 January 2025. The bond will be strippable and quoted on Euronext Paris. It will be tapped depending on market demand to guarantee sufficient market liquidity.
Contact:
+33 1 40 04 15 50 – contact@aft.gouv.fr