20 November 2025: AFT’s issuance: 12.000 billion euros of medium-term OATs

This morning, Agence France Trésor auctioned the OAT 2.40% 24 September 2028, the OAT 2.70% 25 February 2031, the OAT 1.50% 25 May 2031 and the OAT 3.50% 25 November 2033.

See below for auction details.

The total amount issued may be increased by non-competitive bids 2 (NCT2), which will take place on Friday 21 November 2025.

OAT
24/09/2028
2.40%
OAT
25/02/2031
2.70%
OAT
25/05/2031
1.50%
OAT
25/11/2033
3.50%
Auction date 20/11/2025 20/11/2025 20/11/2025 20/11/2025
Settlement date 24/11/2025 24/11/2025 24/11/2025 24/11/2025
Amount bid* 10,294 8,037 7,946 7,017
Amount served* 3,911 3,027 2,497 2,565
Stop price 100.15% 99.68% 93.52% 102.13%
Percentage served at stop price 100.00% 66.79% 100.00% 100.00%
Bid to cover ratio** 2.63 2.66 3.18 2.74
Weighted average price 100.16% 99.70% 93.53% 102.15%
Weighted average rate 2.34% 2.76% 2.78% 3.19%
ISIN Code FR001400XLW2 FR001400Z2L7 FR0012993103 FR001400L834