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

FRANCE AUCTION PREVIEW: France will issue a combination of nominal OATs and

linkers on Thursday with a combined volume target of E8.25-10.25bln. On offer

are the 0.0% Feb-23 OAT, 0.0% Mar-25 OAT, 0.25% Nov-26 OAT, 0.10% Mar-25 OATi,

0.10% Mar-29 OATEi and the 0.10% Jul-36 OATEi.

- BACKGROUND: All of Thursday's issues are re-openings. Previous auction results

(date, volume, average yield, bid-to-cover): 0.0% Feb-23 OAT (23 Jan 2020,

E3.6bln, -0.53%, 2.7x); 

0.0% Mar-25 OAT (23 Jan 2020, E3.0bln, -0.38%); 0.10% Mar-25 OATi (17 Oct 2019,

E0.25bln, -1.09%, 3.8x); 0.10% Mar-29 OATEi (23 Jan 2020, E0.92bln, -1.13%,

2.8x); and the 0.10% Jul-36 OATEi (19 Sep 2019, E0.40bln, -0.90%, 3.2x).

- RV/HISTORY: French OATs continue to grind higher on the back of the underlying

safe-have bid. There remains considerable uncertainty around the coronavirus,

with policymakers increasingly concerned about the impact from disrupted supply

chains. The data calendar is light heading into Thursday's auctions with the

final French CPI prints for January unlikely to be market moving. 

- TIMING: Nominal OAT results are due out at 0950GMNT and linkers at 1050GMT.