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France will sell the 0.0%....>

FRANCE AUCTION PREVIEW
FRANCE AUCTION PREVIEW: France will sell the 0.0% Feb-23 OAT, 0.0% Mar-25 OAT,
0.0% Feb-26 OAT and the 0.75% May-28 OAT for E9.5-11.0bn, as well as the 0.10%
Mar-26 OATEi for E1.5-2.5bn on Thursday.
- BACKROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 0.0% Feb-23 OAT (20 May 2020, E2.48bn, -0.51%, 2.77x), 0.0%
Mar-25 OAT (19 Mar 2020, E2.43bn, -0.22%, 1.66x), 0.0% Feb-26 OAT (20 May 2020,
E3.48bn, -0.28%, 2.28x), 0.75% May-28 OAT (7 May 2020, E3.75bn, -0.10%, 1.60x),
0.10% Mar-26 OATEi ().
- RV/HISTORY: The risk-on theme earlier in the week which drove OATs lower has
started to dissipate. With both the ECB and Fed June policy meetings now in the
rear view mirror, markets are back to taking their cue from the May data
releases and the Covid trajectory. Thursday will see significant EGB supply with
Spain also coming to market for a tap of E5.0-6.0bn. 
- TIMING: Results for OATs are due out around 0950BST. Linker results will be
published an hour later.

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