France EUR

France 3-Year BTAN Auction

Info

History

Chart

Impact:

Low

Source: Agence France Trésor

Latest Release:

Date:

Actual:

2.82%

Forecast:

Previous/Revision:

2.56%

Period:

What Does It Measure?

The France 3-Year BTAN Auction measures the demand for France's medium-term government debt securities specifically designed for a three-year maturity. It primarily focuses on government borrowing costs, investor demand, and market sentiment, assessing key indicators such as the bid-to-cover ratio and the yield at which bonds are issued.

Frequency

This auction occurs on a regular basis, typically held monthly, with results released shortly after the auction concludes.

Why Do Traders Care?

Traders monitor the 3-Year BTAN Auction due to its implications for France's fiscal health and investor confidence, which can influence the pricing of French government bonds, the euro, and equities. Stronger demand or lower yields typically indicate bullish sentiments, while weaker auction results can lead to bearish consequences in relevant financial markets.

What Is It Derived From?

The auction results are derived from bids submitted by institutional investors, banks, and other eligible participants. These bids indicate the amount of debt they are willing to purchase at varying yield levels, with the overall demand quantified through metrics like the bid-to-cover ratio, which signifies investor appetite.

Description

Preliminary results showcase initial auction statistics including the bid-to-cover ratio and average yield, which are subject to revision as final data is released later, reflecting more accurate bond pricing. This auction format assists in gauging short-term market expectations and fiscal policy implications in the broader European context, influencing investor strategies.

Additional Notes

The 3-Year BTAN Auction serves as a coincident economic measure that reflects current investor sentiment regarding French government debt and broader economic conditions. It is often compared with other debt issuances and economic indicators to provide insights into trends in public finance and monetary policy across the Eurozone.

Bullish or Bearish for Currency and Stocks

Higher than expected: Bullish for EUR, Bullish for Stocks. Lower than expected: Bearish for EUR, Bearish for Stocks. A bullish tone: Signaling lower borrowing costs, is usually good for the EUR but bad for the Stocks due to concerns of rising fiscal deficits.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number	Better than forecast for the currency (or previous revise better)
Red Number	Worse than forecast for the currency (or previous revise better)
Hawkish	Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish	Favors lower rates to boost growth, weakening the currency but lifting stocks.

Date	Actual	Previous
Feb 16, 2023	2.82%	2.56%
Jan 19, 2023	2.56%	2.38%
Oct 20, 2022	2.38%	1.84%
Aug 18, 2022	0.98%	1%
Jul 21, 2022	1%	1.59%
Jun 16, 2022	1.59%	0.63%
May 19, 2022	0.63%	0.58%
Apr 21, 2022	0.58%	0.2%
Mar 17, 2022	0.2%	-0.08%
Feb 17, 2022	-0.08%	-0.35%
Jan 20, 2022	-0.35%	-0.69%
Nov 18, 2021	-0.69%	-0.5%
Oct 21, 2021	-0.5%	-0.66%
Sep 16, 2021	-0.66%	-0.71%
Aug 19, 2021	-0.71%	-0.63%
Jul 15, 2021	-0.63%	-0.51%
Jun 17, 2021	-0.51%	-0.53%
May 20, 2021	-0.53%	-0.61%
Apr 22, 2021	-0.61%	-0.61%
Mar 18, 2021	-0.61%	-0.6%
Feb 18, 2021	-0.6%	-0.71%
Nov 19, 2020	-0.71%	-0.64%
Sep 17, 2020	-0.64%	-0.58%
Jul 16, 2020	-0.58%	-0.56%
Jun 18, 2020	-0.56%	-0.53%
May 20, 2020	-0.53%	-0.43%
Apr 16, 2020	-0.43%	-0.43%
Mar 19, 2020	-0.43%	-0.59%
Feb 20, 2020	-0.59%	-0.53%
Jan 23, 2020	-0.53%	-0.58%
Nov 21, 2019	-0.58%	-0.63%
Oct 17, 2019	-0.63%	-0.66%
Sep 19, 2019	-0.66%	-0.69%
Jul 18, 2019	-0.69%	-0.65%
Jun 20, 2019	-0.65%	-0.52%
May 16, 2019	-0.52%	-0.43%
Apr 18, 2019	-0.43%	-0.38%
Mar 21, 2019	-0.38%	-0.34%
Feb 21, 2019	-0.34%	-0.35%
Jan 24, 2019	-0.35%	-0.42%
Oct 18, 2018	-0.42%	-0.37%
Sep 20, 2018	-0.37%	-0.44%
Jul 19, 2018	-0.44%	-0.46%
Jun 21, 2018	-0.46%	-0.3%
May 17, 2018	-0.3%	-0.32%
Apr 19, 2018	-0.32%	-0.24%
Mar 15, 2018	-0.24%	-0.18%
Feb 15, 2018	-0.18%	-0.24%
Jan 18, 2018	-0.24%	-0.6%
Nov 16, 2017	-0.6%	-0.39%
Oct 19, 2017	-0.39%	-0.48%
Sep 21, 2017	-0.48%	-0.41%
Jul 20, 2017	-0.41%	-0.48%
Jun 15, 2017	-0.48%	-0.45%
May 18, 2017	-0.45%	-0.32%
Apr 20, 2017	-0.32%	-0.29%
Mar 16, 2017	-0.29%	-0.34%
Feb 16, 2017	-0.34%	-0.43%
Jan 19, 2017	-0.43%	-0.55%
Sep 15, 2016	-0.55%	-0.48%
Jul 21, 2016	-0.48%	-0.33%
Jun 16, 2016	-0.33%	-0.36%
May 19, 2016	-0.36%	-0.31%
Feb 18, 2016	-0.31%	-0.2%
Jan 21, 2016	-0.2%	-0.25%
Nov 19, 2015	-0.25%	-0.15%
Oct 15, 2015	-0.15%	-0.09%
Sep 17, 2015	-0.09%	-0.08%