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2025-11-03 21:56:50
[French Bond Auction Demand Diverges, Short-Term Yield Curve Steepens] ⑴ France successfully issued four maturities of government bonds on Tuesday, totaling €7.596 billion. The 13-week maturity bond was the largest at €3.2 billion, with a winning yield of 2.015%, a slight increase from the previous 2.011%. ⑵ The 26-week maturity bond was oversubscribed 5.5 times, with bids totaling €2.737 billion. €497 million was ultimately issued, with a winning yield of 2.030%, indicating particularly strong demand for short-term bonds. ⑶ The 28-week maturity bond issued €1.799 billion, with a winning yield of 2.055%, up 1.4 basis points from the previous 2.041%. The 52-week maturity bond issued €2.1 billion, with a yield of 2.060%, a slight increase from the previous 2.053%. ⑷ Bids exceeded 3 times for all maturities, with the 26-week maturity bond showing the highest demand, reflecting a market preference for high-quality short-term assets while pursuing higher yields. (5) The yield curve is steepening, with the spread between 13-week and 52-week yields reaching 4.5 basis points, indicating that investors maintain stable expectations for the short-term interest rate outlook in the Eurozone.
