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France Borrowing Costs Rise Slightly

France raised EUR 8.439 billion from the medium-to-long term bond auction on Thursday, almost near the top end of the target range.

The debt management agency AFT sold EUR 1.31 billion five-year OAT at a yield of 1.96 percent. The borrowing cost rose slightly from 1.91 percent at the prior auction on March 1. The bid-to-cover ratio fell to 3.27 from 4.12.

It auctioned EUR 4.319 billion 10-year bonds. The yield came in at 2.98 percent, slightly up from 2.91 percent at the last auction. At the same time, demand for the issue improved. Demand exceeded the offer by 2.56 times compared to 2.19 in the prior issue.

The agency also raised EUR 1.575 billion from bonds maturing on April 2026 and EUR 1.235 billion from April 2041 bonds.

by RTT Staff Writer

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