France picks price over size at long end

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By Lewis McLellan
28 Jan 2020

France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn.

France mandated BNP Paribas, Crédit Agricole, Goldman Sachs, HSBC and JP Morgan to run the books for the deal. The leads offered price guidance of 7bp over the 1.5% May 2050 OAT, but with an order book of €34bn, swiftly revised to 6bp. ...

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