OATs vs UK Gilts
Redakcja Financial World News · Opracowanie edukacyjne · Jak pozyskujemy rentowności
Euro versus sterling. Hedge costs and BoE/ECB cycles decide more than the coupon language.
Pełny briefing tego przewodnika jest po angielsku. Tytuł, streszczenie i nawigacja są w Twoim języku, byś mógł zdecydować, czy czytać dalej.
OATs vs UK Gilts — the mechanics
A French bank matching euro deposits has little use for unhedged gilts. A UK pension matching sterling pensions has little use for unhedged OATs. Cross-market ‘yield picking’ without FX is incomplete.
Euro versus sterling, AFT versus DMO, annual versus typical semi-annual coupons. A UK spender in OATs takes EUR. A French spender in gilts takes GBP.
There is no OAT–gilt ‘spread’ without an FX conversion. People who compare raw yields without FX are comparing two different money units.
ISA versus French tax wrappers will dominate a 20bp YTM gap for households. Mechanics first, tax with a local adviser.
Official sources (France — OATs)
Primary statistics and prospectuses for France — OATs are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Kluczowe wnioski
- Euro versus sterling, AFT versus DMO, annual versus typical semi-annual coupons.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
FAQ
- Which has more inflation-linked issuance?
- Both issue linkers (OATi/OATei vs index-linked gilts) with different indices. Compare real yields, not just names.