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Agence France Trésor announces today the launch of the new OAT€i 0.10% 25 July 2036. After the opening of the order book on Wednesday morning and its completion at midday, total demand reached more than €11.5bn, of which €3.5bn were allocated. It represents the most important order book collected by AFT for the launch of an OAT indexed on inflation (OAT€i).
The price has been set at 108.738, reflecting a real yield of -0,361% at issuance, establishing a new record low in terms of real yield at issuance for an AFT syndication.
Lead managers for this operation were Barclays, BNP Paribas, HSBC, JP Morgan and NatWest Markets. All the primary dealers were part of the syndicate.
The allocation illustrates a large ordre book arising from a very diversified investor base. 100 final investors took part in the transaction. The syndicated amount has been allocated to asset managers for 24%, insurance and pensions funds for 21%, official institutions for 9 %, banks for 36% and hedge funds for 10% .
The geographical distribution reflects a strong demand from European and International investors for French government bonds with long maturities, with United Kingdom representing 37%, France 24%, other Europe 18%, other Eurozone 13%, and the rest of the world 8%.
The settlement date for the OAT is 6 April 2018. The bond will be strippable and quoted on Euronext Paris. It will be tapped to guarantee sufficient market liquidity, and depending on market demand.
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