France will come to market...>

FRANCE AUCTION PREVIEW: France will come to market on Thursday for a substantial

tap of four OATs for E8-10bn and three linkers for E0.75-1.25bn. On offer are

the 0.0% Mar-23 OAT, 0.0% Mar-24 OAT, 3.5% Apr-26 OAT, 0.0% Feb-26 OAT (new),

0.10% Mar-28 OATi, 0.10% May-29 OATEi and the 0.10% Jul-47 OATEi.

- BACKGROUND: Previous auction results (date, volume, average yield,

bid-to-cover): 0.0% Mar-23 OAT (19 Mar 20, E3.23bn, -0.43%, 1.66x), 0.0% Mar-24

OAT(21 Nov 19, E3.54bn, -0.49%, 3.54x), 3.5% Apr-26 OAT(19 Sep 19, E1.47bn,

-0.48%, 2.55x), 0.10% Mar-28 OATi (23 Jan 20, E0.65bn, -1.09%, 2.52x), 0.10%

May-29 OATEi (20 Feb 20, E0.49bn, -1.21%, 4.9x), 0.10% Jul-47 OATEi (23 Jan 20,

E0.17bn, -0.68%, 4.95x).

- RV/HISTORY: OATs have rallied and the curve has flattened over the past week

as concerns about the scale of the economic contraction and wider concerns about

a lack of coordination across the euro area to finance the broader recovery,

have outweighed tentative signs of improvement in coronavirus trajectories. So

far, at least, demand for new EGB issuance has been robust. 

- OAT results are due at 0950 GMT with linkers out an hour later.