Agence France Trésor announces today the launch of the new OAT 3.75% 25 May 2056. After the opening of the order book on Wednesday 12 February early morning and its completion at midday, total demand reached over €110 billion, out of which €8 billion were allocated.
The price has been set at 98.74, reflecting a yield of 3.819% at issuance.
Lead managers for this operation were BNP Paribas, Citi, Deutsche Bank, J.P. Morgan 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 34% , to banks for 21%, to official institutions for 20%, to pension funds for 12%, to insurers for 12%, and hedge funds for 1%.
The geographical distribution of investors shows solid European and international demand for sovereign bonds with long maturities. Most investors are from Eurozone countries (45%): France (13%), Germany (9%), the Netherlands (8%), Italy (7%), and other countries from the Eurozone (8%). The remaining investors come from the United Kingdom (19%), Nordic countries (13%), other European countries (11%), North America (5%), Asia (4%) and from the rest of the world (3%).
Further details
The settlement date for the OAT is 19 February 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