France OAT Auction

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Pourquoi c’est important

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.

Mode de calcul

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

Ce que signifient les variations

• 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.

Un bref historique

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

Questions