Free Trial

France's Agence.......>

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Nov 15, 2017 BTF for between E2.6-E3.0bln, tap 6-month Jan 17, 2017 BTF for
between E0.9-E1.3bln and issue new 12-month Aug 15, 2018 BTF for between
E0.8-E1.2bln on Monday.
- RV: The BTF curve has actually bear flattened since last weeks auction as
3-month and 6-month parts of the yield curve underperformed. 3-month is seen
around 1bp higher than last week, the 6-month is in the region of 0.5bp higher,
while the 12-month part of the yield unchanged from last week.
- REDEMPTION: There will a redemption this week of E7.553bln, therefore could
leave net cash flow negative to the tune of E2.053bln which is seen underpinning
demand at the auction.
- HISTORY: At the Aug 14 auction the AFT allotted E3.095bln 3-month BTF at an
average yield of -0.627% with cover of 2.2 times, allotted sold E1.597bln
6-month BTF at an average yield of -0.644% with cover of 2.43 times and allotted
E998mln 12-month BTF at average yield -0.568% and cover of 3.91 times. 
- TIMING: Results due to be announced at around 1255GMT.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.