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France will tap the...>

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France will tap the market for E3.8-5.0bln on
Monday. On offer are the 3-month Jan, 2019 BTF for E2.6-3.0bln, the 6-month Mar,
2019 BTF for E0.6-1.0bln and the 12-month Oct, 2019 BTF for E0.6-1.0bln.
- BACKGROUND: At the last BTF auction at which these bills were offered, AFT
sold E2.796bln of the 3-month BTF at an average yield of -0.74% and bid-to-cover
ratio of 2.95x, E1.198bln of the 6-month BTF at an average yield of -0.67% and
bid-to-cover ratio of 4.04x, and E1.098bln of the 12-month BTF at an average
yield of -0.62% and bid-to-cover ratio of 3.57x.  
- RV/HISTORY: French BTF yields have dropped sharply since the beginning of
October with the 3-month trading at -0.751% from -0.545% on October 1, while the
6-month trades at -0.672% down from -0.570% over the same period.
- REDEMPTIONS: There are E5.685bln in EGB redemptions for the week beginning
October 22.
- TIMING: Results are due shortly after the auction closes at 1255GMT.

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