March 2005
Duration, duration, duration is the cry from investors
While France's 50-year OAT is creating a new segment on the euro yield curve, many other sovereigns are making the most of the clamour for long-dated bonds
Issuers: France; Greece; Poland
Sizes: e6 billion; e5 billion; e500 million
Lead managers: Barclays Capital, BNP Paribas, Deutsche Bank, HSBC (France); Alpha Bank, EFG Eurobank, HSBC, Lehman Brothers, Merrill Lynch (Greece); ABN Amro (Poland)
Dates: January - February 2005
AFT's 50-year bond
Distribution by investor type
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Old and new Europe have come to the markets this year as sovereign issuers continue their move well beyond 10-year bonds.
With Agence France Trésor (AFT) launching its 50-year OAT last month, it's easy to forget that European sovereigns have a history of avoiding long-dated issues, particularly those secondary sovereigns that have managed their debt programmes to appeal to non-domestic investors. But following last year's celebrated 2020 deal by the European Investment Bank, non-eurozone countries like Poland are issuing longer-dated paper.
It's a good time to do this. Supply is down. Between mid-January and mid-February, the amount of seven-year to 30-year euro-denominated bonds...
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