France issues bonds at 0% for first time

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The Agence France Trésor (AFT), which manages French government debt, has announced the issue of its first 0% coupon bonds, saying it was the lowest coupon ever offered for a mid-long term issue.

Some 4.636bn of 0% French bonds expiring on 25 May 2020 have been issued. Its weighted average price is 99.46% with a weighted average rate of 0.10%. The bid-to-cover ratio is 1.37.

The AFT has also issued some €1.998bn of a new 10 year index linked bond – OATi 0.10%, 1 March 2025 – with a ‘served’ ratio of 75.5% relative to the volume bid. The weighted average rate is negative (-0.37%) and the weighted average price is 104.80%. The bid-to-cover ratio is 1.67.

As of 31 December 2014, France’s outstanding government debt was about €1.52trn.

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