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France will tap the...>

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France will tap the market for E3.6ln-E4.8bln on
Monday. On offer are the 3-month Jan-23, 2019 BTF for E3.3bln-E2.7bln, the
6-month Apr 10, 2019 BTF for E0.7-E1.1bln, and the 12-month Sep 10, 2019 BTF for
E0.6bln-E1.0bln, all new issues. 
- BACKGROUND: At the last BTF auction, Oct 19, E3.0bln of the 3-month was
allotted at an average yield of -0.61% with a bid-to-cover ratio of 1.60x.
E0.99bln of the 6-month was allotted at an average yield -0.666% with a
bid-to-cover ratio of 3.0x. E1.0bln of the 12-month was allotted at an average
yield of -0.621% with a bid-to-cover ratio of 3.39x.   
- RV/HISTORY: Short-dated BTFs have broadly rallied over the course of the past
month.
- REDEMPTIONS: There are E32.04bln in EGB redemptions for the week beginning Oct
29. 
- TIMING: Results are due shortly after the election closes at 1005GMT.   

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