Agence France Trésor announces today the launch of the new OAT 4.10% 25 May 2046. After the opening of the order book on Wednesday 14 January early morning and its completion at midday, total demand reached more than €106 bn, out of which €10 bn were allocated.
The price has been set at 98.725, reflecting a yield of 4.193% at issuance.
Lead managers for this operation were BNP Paribas, Citi, HSBC, J.P. Morgan 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 400 final investors took part in the transaction. The syndicated amount has been allocated to asset managers for 29%, to official institutions for 27%, to banks for 25%, to insurers for 11%, to pension funds for 7% and hedge funds for 1%.
The geographical distribution of investors shows solid domestic and international demand, especially in Eurozone countries (39%), with investors from France representing 13%, and those from other countries in the Eurozone 26%. The remaining investors come from the United Kingdom (23%), Nordic countries (12%), other European countries (11%), North America (4%) and the rest of the world (11%).
Further details
The settlement date for the OAT is 21 January 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]