French Treasury bill auction sees strong demand, with 52-week bill marginal rate falling to 2.610%

(1) On Monday, France successfully auctioned four tranches of Treasury bills. Among them, the 12-week tranche sold €400 million with a marginal interest rate of 2.330% and a bid-to-cover ratio as high as 7.175, indicating strong demand. (2) The 13-week tranche sold €3.197 billion with a marginal interest rate of 2.355% and an average rate of 2.352%, a decrease from the previous 2.361%, and a bid-to-cover ratio of 2.86. (3) The 26-week tranche sold €1.898 billion with a marginal interest rate of 2.475% and the average rate falling from 2.507% to 2.465%, with a bid-to-cover ratio of 3.345. (4) The 52-week tranche sold €2.098 billion with a marginal interest rate of 2.610% and an average rate of 2.602%, significantly lower than the previous 2.667%, with a bid-to-cover ratio of 2.787. (5) There were no non-competitive bids in any of the four tranches. The average winning interest rates for all maturities declined compared to the previous auction, reflecting a continued rise in market appetite for French short-term bonds.