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.

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