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France will issue a..........>

FRANCE AUCTION PREVIEW
FRANCE AUCTION PREVIEW: France will issue a combination of OATs and linkers on
Thursday with a combined target volume of E8.25-10.25bln.
- BACKGROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 0.00% Mar-25 OAT (21 Nov 2019, E2.74bln, -0.39%, 2.74x), 1.00%
May-27 OAT (6 Jul 2017, E3.8bln, 0.82%, 1.95x),0.10% Mar-28 OATi (21 Nov 2019,
E0.54bln, -1.00%, 3.05x), 0.10% Mar-29 OATEi (21 Nov 2019, E0.78bln, 1.03%,
2.91x), 0.10% Jul-47 OATEi (21 Nov 2019, E1.79bln, -0.62%, 1.5x).
- RV/HISTORY: The OAT curve has bull flattened over the last week and spreads
over bunds have narrowed. There are no significant data releases ahead of the
Thursday auction, with the market instead focused on the ECB meeting. Markets
will be looking carefully at how the ECB interprets the recent stabilisation in
economic data and perceived reduction in external risks, as well as any further
insight on the strategic review.
- OAT results will be out at 0950GMT with linkers out an hour later. 

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