25 October 2001: Successful launch of the OAT linked to the euro-area Harmonised Index of Consumer Prices (excluding tobacco)



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Laurent Fabius, Minister for the Economy, Finance and Industry, announces that France has issued 6.5 billion worth of new inflation-indexed OAT (fungible Treasury bonds) linked to the euro-area Harmonised Index of Consumer Prices (excluding tobacco). This amount, which obviously guarantees the liquidity of the secondary market, comprises 4 billion in direct subscriptions and 2.5 billion to be exchanged for the inflation-indexed OATi maturing in July 2009. The real interest yield for this issue is 2.98%.



The geographical sources of the direct subscriptions are as follows: France, 1.1 billion (27%); euro area excluding France, 1.5 billion (38%); and world excluding the euro area, 1.4 billion (35%).



According to the information available, this 6.5 billion in bonds will initially be held by various types of owners, including long-term European funds, money-market funds, financial and banking institutions, bank asset-liability management concerns and a few central banks.



The volume of demand for the issue, the diversity of its geographical origins and the range of subscriber categories attest to the success of an initiative aimed at developing the euro market, and confirm the appeal of French government securities on this market which extends far beyond our borders.