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France will tap the market...>

FRANCE AUCTION RESULTS
FRANCE AUCTION RESULTS: France will tap the market for E8.5-10.0bln on Thursday
through sales of the 0.00% Nov-29 OAT, 1.25% May-34 OAT, 1.50% May-50 OAT and
the 1.75% May-66 OAT.
- BACKGROUND: Previous auction results (date, sold, average yield,
bid-to-cover): 0.00% Nov-29 OAT (3 Oct 2019, E5.81bln, -0.24%, 1.68x), 1.25%
May-34 OAT (5 Sep 2019, E1.51bln, -0.03%, 1.95x), 1.50% May-50 OAT (3 Oct 2019,
E2.37bln, 0.55%, 1.53x), 1.75% May-66 OAT (6 Sep 2018, E1.25bln, 1.81%, 1.69x).
- RV/HISTORY: The OAT curve has bear steepened over the last month as French
economic data has surprised higher and systemic global risks (chief among them
the US-China trade dispute and prospect of a near-term disorderly Brexit) have
eased. Long-end spreads over bunds have held relatively stable over the same
period. German industrial production data will be released ahead of the French
auction which could be a potential flashpoint amid an otherwise limited set of
tier 1 releases.     
- TIMING: Results are due out around 0945 GMT

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