07 Feburary 2023: Launch of the new OAT 3.00% 25 May 2054

Agence France Trésor announces today the launch of the new OAT 3.00% 25 May 2054. After the opening of the order book on Tuesday 7 February early morning and its completion at midday, total demand reached almost €47bn, out of which €5bn were allocated.

The price has been set at 97.422, reflecting a yield of 3.13% at issuance.

Lead managers for this operation were BNP Paribas, Citi, Crédit Agricole CIB, HSBC 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 280 final investors took part in the transaction. The syndicated amount has been allocated to asset managers for 28%, to pension funds for 24%, to official institutions for 18%, to insurers for 16%, to banks for 11% and hedge funds for 3%.

The geographical distribution of investors shows solid domestic and international demand for sovereign bonds with long maturities. Most investors are from Eurozone countries (55%): France (12%), the Netherlands (23%), Germany (7%), Italy (6%), and other countries from the Eurozone (7%). The remaining investors come from the United Kingdom (17%), Nordic countries (14%), other European countries (7%), North America (5%) and Asia (3%).

Further details

The settlement date for the OAT is 14 February 2023. The bond will be strippable and quoted on Euronext Paris. It will be tapped depending on market demand to guarantee sufficient market liquidity.

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