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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new
3-month Nov 1, 2017 BTF for between E3.0-E3.4bln, tap 6-month Dec 20, 2017 BTF
for between E1.0-E1.4bln and launch of a new 12-month Jul 18, 2018 BTF for
between E0.9-E1.3bln on Monday.
- RV: The belly of the BTF curve has outperformed since last weeks auction as
markets took stock of US FOMC statement. The 3-month part of the curve is around
1bp lower than last week, while the 6-month is in the region of 4bp lower, while
the 12-month part of the yield also around 1bp lower.
- REDEMPTION: There will a redemption this week of E6.682bln, therefore could
leave net cash flow negative to the tune of E582mln which is seen underpinning
demand at the auction.
- HISTORY: At the Jul 24 auction the AFT allotted E3.595bln 3-month BTF at an
average yield of -0.592% with cover of 2.24 times, allotted sold E1.399bln
6-month BTF at an average yield of -0.536% with cover of 3.64 times and allotted
E1.296bln 12-month BTF at average yield -0.536% and cover of 3.475 times. 
- TIMING: Results due to be announced at around 1255GMT.

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