06 September 2022: Launch of the new OAT 2.50% 25 May 2043

Agence France Trésor announces today the launch of the new OAT 2.50% 25 May 2043. After the opening of the order book on Tuesday 6 September early morning and its completion at midday, total demand reached more than €32bn, out of which €5 bn were allocated.

The price has been set at 98.471, reflecting a yield of 2.596% at issuance.

Lead managers for this operation were BNP Paribas, BofA Securities, Deutsche Bank, HSBC and J.P. Morgan. 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 200 final investors took part in the transaction. The syndicated amount has been allocated to banks for 32%, to asset managers for 29%, to official institutions for 15%, to pension funds for 9%, to insurers for 8% and hedge funds for 7%.

The geographical distribution of investors shows solid domestic and international demand, especially in the Eurozone countries (56%): investors from France (18%), Italy (11%), Germany (7%) and other countries from the Eurozone (19%). The remaining investors come from other European countries (5%), Nordic countries (16%), the United Kingdom (20%) and others (4%).

Further details

The settlement date for the OAT is 13 September 2022. 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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