10-year OAT auctions

What it is. Investor demand when the State auctions its 10-year bonds to borrow.

Why it matters. Weakening demand means the State is finding it harder to attract lenders, and will have to pay them more. Below 2, demand is getting thin; below 1.5, it is clearly weakening.

How to read the chart. Each point is an auction: amount bid divided by amount sold. At 2, buyers wanted twice as much as was sold. Coloured backgrounds show the risk thresholds; the rate paid at each auction is in the auction details.

Who measures it, and when. The Agence France Trésor, which sells on behalf of the State, usually on the first Thursday of the month, since 2004; its results are reported by Reuters (latest auction) and collected every morning. August and December auctions, which are special, are set aside.