Demand for French short-term government bond auctions remains strong, with mixed movements in yields across different maturities and subscription ratios staying high.

(1) On Monday, the French Ministry of Finance completed four batches of short-term government bond issuances, with a total fundraising scale of approximately €7.95 billion, covering four maturity types: 11-week, 13-week, 28-week, and 50-week. Overall market subscription enthusiasm remained strong. (2) The 11-week and 13-week bonds achieved oversubscription ratios of about 3.9 times, with marginal yields of 2.370% and 2.425% respectively. Among them, the average yield of the 13-week bonds edged slightly lower compared to the previous auction, indicating relatively stronger demand on the short end. (3) Average yields for the 28-week and 50-week bonds rose moderately from the previous round, closing at 2.587% and 2.753% respectively. Their subscription ratios stood at 2.6 times and 3.0 times. The deviation between the winning bid rates and the average rates for all maturities was limited, reflecting stable operation of the pricing mechanism.