The agency sought to sell a total of EUR7 billion to EUR8 billion of the instruments. The 2014-dated BTAN is a new issue, while the two other bonds on offer are reopenings of issues. The new, two-year BTAN comprises a large part of the allocation, in line with expectations.
France usually auctions short- and medium-term conventional bonds, or BTANs, and long-term conventional bonds, or OATs, separately but when the short residual maturity of an OAT fits into a BTAN auction, the agency may decide to add OATs as well.
The following are details of the auction, with the amounts in euro. Figures in brackets are data from the previous auction held April 21, 2011 and March 15, 2012, respectively.
France usually auctions short- and medium-term conventional bonds, or BTANs, and long-term conventional bonds, or OATs, separately but when the short residual maturity of an OAT fits into a BTAN auction, the agency may decide to add OATs as well.
The following are details of the auction, with the amounts in euro. Figures in brackets are data from the previous auction held April 21, 2011 and March 15, 2012, respectively.
France usually auctions short- and medium-term conventional bonds, or BTANs, and long-term conventional bonds, or OATs, separately but when the short residual maturity of an OAT fits into a BTAN auction, the agency may decide to add OATs as well.
The following are details of the auction, with the amounts in euro. Figures in brackets are data from the previous auction held April 21, 2011 and March 15, 2012, respectively.
Issue two-year BTANFor the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Maturity Sept. 25, 2014
Coupon 0.75%
Bids received 8.105 bln
Bids accepted 3.545 bln
Bid-to-cover ratio 2.29
Average yield 0.85%
Average price 99.77
Minimum price 99.75
% of bids allocated
at lowest price 100.00%
Settlement day April 24, 2012
Issue three-year OAT
Maturity April 25, 2015
Coupon 3.50%
Bids received 5.190 bln
Bids accepted 1.730 bln
Bid-to-cover ratio 3 (2.85)
Average yield 1.06% (2.68%)
Average price 107.18 (103.08)
Minimum price 107.17 (103.05)
% of bids allocated
at lowest price 100.00% (100.00%)
Settlement day April 24, 2012
Issue five-year BTAN
Maturity Feb. 25, 2017
Coupon 1.75%
Bids received 7.270 bln
Bids accepted 2.698 bln
Bid-to-cover ratio 2.69 (1.98)
Average yield 1.83% (1.78%)
Average price 99.63 (99.84)
Minimum price 99.61 (99.82)
% of bids allocated
at lowest price 50.00% (100.00%)
Settlement day April 24, 2012
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