France 2040 Index-Linked OAT Auction

Latest figures

The latest release, published on 19 February 2026, came in at 1.64%, down from 1.78% the time before.

Over the last 4 releases it ranged from 1.64% to 1.78%, averaging 1.71%.

See it in the economic calendar →

Why it matters

Auctions show the demand for a country's debt. A weak auction (low cover ratio, a yield above where the bond traded before the sale, the "tail") can push yields up across the market; a strong one calms them. In times of fiscal stress auctions get close attention.

How it is calculated

Bidders submit the yield (or price) at which they will buy; the debt office allocates from the lowest yield up until the amount is sold. The release reports the average or highest yield and the bid-to-cover ratio.

Bid-to-cover = amount bid ÷ amount sold

What changes mean

• Bid-to-cover above its recent average and no tail: solid demand.
• Index-linked and green bonds are smaller auctions with their own investor base.

A short history

Most governments moved from fixed-price syndicates to regular auctions in the 1970s–1990s; the US Treasury has auctioned bills since 1929.

Questions