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FAQ
How can I know the history of real OAT rates? Where can I find the historic series of the TEC 10, etc.? Does AFT keep historic data and statistical series in general? 

Statistics spanning several decades are kept by Insee, the French statistics agency, and the Banque de France, each insofar as it is concerned.




I am a private citizen. How can I obtain the OATs issued every month? How can I find out when they are issued? 

    OATs are securities "like any other". They are listed on the stock exchange and available to any buyer. Banks (particularly primary dealers), stock brokers and post offices sell OATs and provide retail investors with custodial services (for a fee). There are no more paper-based BTFs (all securities are nowadays paperless) which can be kept at home. Ownership of an OAT requires a securities account at a financial institution, for which a fee is charged. 

AFT runs a special programme for retail investors. You can buy OATs from any bank on the list of primary dealers (SVT - Spécialistes en Valeurs du Trésor), and from the post office (La Poste). 
The price of these government securities is determined by auctions for primary dealers. Auctions of ordinary OATs are scheduled on the first Thursday of the month. Inflation-indexed OATs (OATi and OAT€i) are auctioned every third Thursday of the month. 
For more information, please consult the page on "OATs for retail investors" at our web site.




Which criteria should I use to determine whether to buy an inflation-linked bond rather than a standard bond ? 

The spread between the coupons of an inflation-linked bond (OATi, BTAN€i, OAT€i) and an bond depends upon the price increase since the date the security was issued. If actual inflation exceeds projected inflation, the inflation-linked bond  is more attractive for the investor; if inflation is lower, it is less attractive.
One of the graphs in our monthly bulletin shows breakeven inflation. This bulletin can be downloaded from our web site.




Where can I find the ISIN codes of French government securities? 

ISIN codes can be found in AFT's monthly bulletin: the last two pages give the codes for medium and long term government bonds (BTAN and OAT). AFT's monthly bulletin can be downloaded from AFT web site.




Why doesn't the AFT web site provide information about the the TEC 10 but no data about the TEC 5 (data, definitions, graphs, histograms, etc.)? 

    There is no French variable-rate government bond with a 5-year maturity (TEC 5). This is why Agence France Trésor does not publish data about this rate on its web site. The Conseil de Normalisation Obligataire (Bond Standardisation Committee), the non-profit organisation calculates the TEC 5. It is published daily on Natixis website.




I have recently taken out a loan pegged to 5-year BTANs. Where can I find their current and future rates?  

Five-year BTANs (i.e. Bons à Taux ANnualisé, annualised-rate notes) are listed on the stock exchange. They correspond to an average private sector lending rate, which is published on the bond page of specialised financial papers (the dailies and the weeklies): this is the "private" average bond rate (TMO - Taux Moyen Obligataire). The trend of this rate in the days, weeks and especially years ahead depends upon the market trend. Our web site gives the rates of five-year BTANs, as determined on issue.




Is the auction mentioned in your calendar for the third Thursday of the month automatically shifted to the following Thursday if the indicated date (e.g. 19 May) is not a Thursday? 

The date shown in the calendar (e.g. 19 May) is right: it is the day before a bank holiday in France, during which trade is suspended. In our example, the BTF settlement date and the auction of index-linked OATs have been moved from 20 to 19 May.
All such date changes are shown in grey in the indicative calendar.




Where can I consult the trend of the BTAN3 rate? I have arranged a home loan revisable every three years against the BTAN3 rate and I want to check the changes. 

France does not issue three-year government securities. BTANs are medium-term securities with maturities of either two or five years. Commercial banks calculate the three-year rate for their own use. Your bank can provide with further information on this.




What is the current value of foreign sovereign bonds? 

Agence France Trésor's authority is restricted to securities issued by it in the name and on behalf of the French government. Please consult the relevant government debt agencies for this information (here the German agency).





MAJ : 17 2009