03 February 2005: AFT launches an exploratory study with investors on the possibility of issuing a 50-year OAT

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As a result of growing interest on the part of investors for very long-term placements, Agence France Trésor has asked a number of primary dealers (SVT) to carry out a survey of French and foreign investors, in order to examine the pertinence of issuing a 50-year euro-denominated OAT. 

AFT expects an in-depth analysis of the structural demand for very long-term maturities, taking into account both the long-term prospects and the evolution in the allocation of euro-denominated assets. 

The chosen banks are BNP-Paribas, Barclays Capital, Deutsche Bank and HSBC - CCF; CSFB, IXIS and JP Morgan will also participate in this survey. 

The result of this survey should be handed in before the end of February 2005 and AFT will inform the market at this moment of whether or not the decision has been taken to proceed with this issuance. 

Bertrand de Mazières, Chief Executive Officer of AFT, considers that "the current level of interest rates justifies issuing a very long-term maturity OAT, provided that the survey points to a real structural demand on the part of investors for this type of product." 

Benoit Coeuré, deputy CEO of AFT, emphasises that "by exploring the very long end of the yield curve, AFT is adding a new dimension to the development of the euro-denominated bond market ". 

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