France will tap the...>

FRANCE T-BILL AUCTION PREVIEW: France will tap the market for E3.6-4.8bln on

Monday. On offer are the 3-month 9 Jan, 2019 BTF for E2.4-2.8bln, the 6-month 13

March, 2019 BTF for E0.7-1.1bln and the 12-month 11 September, 2019 BTF for

E0.5-0.9bln

- BACKGROUND: At the last BTF auction at which these bills were offered, AFT

sold E2.995bln of the 3-month Dec 12, 2018 at an average yield of -0.561% and

cover ratio of 2.35x, E0.996bln of the Feb 13, 2019 at an average yield of

-0.583% and cover ratio of 4.62x and E0.895bln. 

- RV/HISTORY: The 3-month BTF has traded relatively flat since the beginning of

the month and currently trades at a yield of -0.547%. The 6-month BTF has sold

off slightly with the yield edging up to -0.568% from -0.604% on 3 September,

while the 12-month BTF has been relatively choppy and currently trades at

-0.532%.

- REDEMPTIONS: There are E6.7bln in French redemptions for the week beginning 1

October.

- TIMING: Results are due shortly after the auction closes at 1255GMT