Agence France Trésor announces today the launch of the new OAT 4.40% 25 May 2057. After the opening of the order book on Wednesday 11 February early morning and its completion before midday, total demand reached more than €135 bn, out of which €8 bn were allocated.
The price has been set at 99.329, reflecting a yield of 4.439% at issuance.
Lead managers for this operation were BNP Paribas, Credit Agricole CIB, J.P. Morgan, 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. About 450 final investors took part in the transaction. The syndicated amount has been allocated to asset managers for 41%, to official institutions for 31%, to banks for 12%, to insurers for 9%, to pension funds for 6% and hedge funds for 1%.
The geographical distribution of investors shows solid European and international demand for sovereign bonds with long maturities. 30% of investors come from the euro area, out of which 7% from France and 7% from the Netherlands. The remaining investors come from the United Kingdom (28%), other European countries (24%), and the rest of the world (18%).
Further details
The settlement date for the OAT is 18 February 2026. 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 – [email protected]