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France will seek to raise....>

FRANCE AUCTION PREVIEW
FRANCE AUCTION PREVIEW: France will seek to raise E8.0-9.5bln on Wednesday
through sales of the 0.00% Nov-29 OAT, 
1.50% May-50 OAT and the 4.00% Apr-55 OAT.
- BACKGROUND: Previous auction results (date, sold, average yield,
bid-to-cover): 0.00% Nov-29 OAT (new issue), 1.50% May-50 OAT (Sep 5, E3.0bln,
0.52%, 1.4x).
- RV/HISTORY: The OAT curve has steepened over the last week on the back of
short-end yields edging lower and the longer end facing some selling pressure.
The 2s30s spread has widened to 129bp from 119bp last week. Trading relative to
comparable EUR swap: 1.50% May-50 OAT (+39bp), 4.00% Apr-55 OAT (+68bp). As with
the Spanish auction on Thursday, French Services and Composite PMI data will be
published ahead of the OAT sale.
- TIMING: Results are due out around 0950GMT.
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com