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| Fixed-rate OATs |    |
"Now that I'm retired, I need an additional income that is guaranteed.I'm interested in fixed-rate OATs."
- the market's liquidity
- the yield
- security of the investment
Fixed-rate OATs are issued by Agency France Trésor for terms of up to 50 years; their nominal value* is €1. OATs are repaid as a lump sum at maturity*; they are always repaid at par, i.e. at their nominal value of €1 per bond. They are also known as “nominal OATs”. OATs provide entitlement to an interest payment (known as the coupon*) once a year, throughout the life-time of the instrument, i.e. until it is repaid; the final interest payment is made on the repayment date. This annual coupon never varies, whatever the situation of the markets, throughout the life-time of the OAT: this is the characteristic of a “fixed-rate” instrument.
The maturity dates* of fixed-rate OATs, and coupon payment dates, are either 25 April or 25 October.
When you purchase a fixed-rate OAT on the market, you can therefore be sure, whatever acquisition price you have paid, of the amount repaid at maturity and of the interest annual, as these items never vary.
On the other hand, if you sell an OAT before its maturity date, you will dispose of it at the market price and, in relation to the acquisition price, realise a capital gain or capital loss in line with market trends.
Taking a concrete example
OAT 4% 25 October 2014 Whatever the acquisition price, the capital repaid at maturity, in 2014, will be €1 per bond. The interest received each year is 4%, i.e. €4 per €100 invested, which is paid on 25 October each year until the maturity date, i.e. 2014.