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At a glance: Deal type: 50-year obligation assimilable au trésor Deal size: €6 billion Lead managers: Barclays Capital, BNP Paribas, Deutsche Bank, HSBC Date: February 2005 |
Agence France Trésor enhanced its reputation for pushing at the frontiers of the sovereign debt sector with its €6 billion 50-year 4% OAT, due 2055. No issuer had previously gone that far down the euro yield curve. This transaction was the first step in the creation of a new segment in the curve and was highly significant given that retirement savings are increasingly being invested in long-dated securities.
“It was something we thought about for a good year before making the decision,” says Bertrand de Mazières, chief executive at Agence France Trésor.
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