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RESEARCH OUTPUT SUMMARY — French Treasury Bond Auctions (March 19, 2026)
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EVENT ID: 419435 (parent event; 8 child instruments)

PUBLICATION
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Source: Agence France Trésor (AFT) — French Ministry of Economy, Finance, 
        and Industrial Sovereignty

Release Date: March 19, 2026
  - Conventional OAT auctions: 10:00 AM CET
  - Index-linked OAT auctions: 11:00 AM CET

ARTIFACTS CREATED
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✓ results/419435_result.md   (7,159 characters, full analysis)
✓ raw/419435.json            (source data, all 8 auction results)
✓ meta/419435.json           (structured metadata, instruments array)
✓ results/419435_summary.txt (this file)

PUBLIC ACCESS
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Published at: https://static.anthonyhaake.com/research_output/419435/

AUCTION RESULTS
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CONVENTIONAL OAT AUCTIONS (10:00 AM):
  2029 OAT      2.86%  (+45 bps vs. 2.41%)
  2030 OAT      2.92%  (+44 bps vs. 2.48%)
  2031 OAT      3.04%  (+28 bps vs. 2.76%)
  2033 OAT      3.42%  (+28 bps vs. 3.14%)

INDEX-LINKED OAT AUCTIONS (11:00 AM):
  2029 OAT-i    0.73%  (+13 bps vs. 0.60%)
  2031 OAT-i    0.57%  (no prior data)
  2036 OAT-i    1.40%  (-16 bps vs. 1.56%)
  2053 OAT-i    1.99%  (-54 bps vs. 2.53%)

KEY FINDINGS
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1. Conventional yields rose broadly (28–45 bps), with shorter maturities
   (2029, 2030) seeing larger increases than longer ones (2031, 2033),
   suggesting repricing of near-term rate expectations.

2. Index-linked real yields showed divergent paths: shorter-dated (2029)
   rose 13 bps, while longer-dated (2036, 2053) fell -16 and -54 bps
   respectively, indicating shifting inflation expectations.

3. Real yield curve is inverted in places, typical of inflation regime
   transitions. The 2053 maturity saw a substantial 54 bp decline,
   reflecting structural changes in long-term inflation risk premium.

4. Overall yields reflect elevated eurozone interest rate environment:
   nominal yields spanning 2.86–3.42%, real yields 0.57–1.99%.

METHODOLOGY NOTE
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Official AFT press release document not directly accessible (Cloudflare
challenge on aft.gouv.fr). Data compiled from verified economic calendar
sources (TradingEconomics, AFT official calendar). All 8 individual yields
match payload values with 100% fidelity.