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France taps 4 OATs...........>

FRANCE AUCTION PREVIEW
FRANCE AUCTION PREVIEW: France taps 4 OATs Thursday for E8-9.0bln indicative
size. On offer are the new 0.75% Nov-28 OAT and taps of the 5.50% Apr-29 OAT,
1.5% May-31 and 1.25% May-36.
- BACKGROUND: There are no coupon flows to help.
- RV: On the back of speculation that the ECB may be inching closer to ending
its asset purchase programme, sovereign bond yields across the euro bloc have
pushed higher. The current 10-year benchmark May-28 OAT has sold off sharply
with the yield rising to 0.804% on June 6 from 0.709% at the beginning of the
month. Similarly the 5.5% Apr-29 OAT yield has surged to 0.814%, unwinding much
of the rally since mid-May. At the longer end, the yield on the 1.25% May-36 is
up 9bps to 1.334% since the beginning of June. The curve has steepened slightly
with the 5s20s spread now trading at 133bps from a low of 119bps on March 27,
while the spread of the benchmark 10-year OAT over the comparable bund has
widened to 34bps from a multiyear low of 20.97bps on Apr 23.      
- RESULTS: Auction results are expected at around 0855GMT

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