27 March 1996: 10-year constant maturity rate

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Mr Arthuis, Economics and Finance Minister, has made the following annoucement. In the weeks ahead, if market conditions permit, the government will issue an OAT pegged to the TEC10, a new index of long term government bond yields, as part of its program to modernize floating rate government securities. TEC10 stands for taux de l'echeance constante a 10 ans, or 10-year constant maturity rate. The issue will be led jointly by Banque Nationale de Paris and Caisse des Depots et Consignations.

The technical characteristics of the TEC10 OAT will be announced shortly. The new benchmark will immediatly have the liquidity and transparency characterizing all, French Governement Securities and valued by domestic and international investitors.