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2026-04-07 20:54:43
[French Treasury Bill Auction Sees Strong Subscription, Yields Rise Across Scope from 13-Week to 50-Week] ⑴ France auctioned four tranches of treasury bills on Tuesday. The 13-week tranche sold €3.493 billion, with a subscription rate of 4.25 times and a highest accepted yield of 2.260%, higher than the previous 2.238%. The 28-week tranche sold €1.8 billion, with a subscription rate of 4.437 times and a highest yield of 2.515%, significantly higher than the previous 2.407%. ⑵ The 46-week tranche sold €597 million, with a subscription rate as high as 5.082 times and a highest yield of 2.645%. The 50-week tranche sold €2.2 billion, with a subscription rate of 3.927 times and a highest yield of 2.700%, higher than the previous 2.660%. (3) From a psychological perspective, the subscription multiples for all four treasury bills were in the strong range of 3.9 to 5.1, indicating strong market demand for French short-term government bonds. However, the highest yields across all maturities rose compared to the previous period, suggesting that investors are demanding higher short-term risk compensation against the backdrop of the approaching expiration of the Iranian bond issuance and renewed expectations of interest rate hikes in the Eurozone.
