The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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

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 outstanding fell by around euro20 billion. Supply is also down in US Treasuries longer than seven years.

Poland's new record

On January 21, the Polish Ministry of Finance priced a 30-year e500 million bond at 29 basis points over mid-swaps, to yield 4.489%.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree