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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 29, 2017 BTF for between E2.9-E3.3bln, tap 6-month Jan 17, 2017 BTF
for between E0.9-E1.3bln and tap 12-month Aug 15, 2018 BTF for between
E0.8-E1.2bln on Monday.
- RV: The BTF curve has bull steepened since last weeks auction with the 3-month
part of the yield curve outperforming. The 3-month part of the curve is around
2bp lower than last week, the 6-month is in the region of 1bp lower, while the
12-month part of the yield curve is little changed from last week.
- REDEMPTION: There will a redemption this week of E5.465bln, therefore could
leave net cash flow positive to the tune of E335mln which is seen weighing on
demand at the auction.
- HISTORY: At the Aug 21 auction the AFT allotted E2.993bln 3-month BTF at an
average yield of -0.626% with cover of 2.56 times, allotted sold E1.297bln
6-month BTF at an average yield of -0.636% with cover of 3.41 times and allotted
E1.196bln 12-month BTF at average yield -0.568% and cover of 3.18 times. 
- TIMING: Results due to be announced at around 1255GMT.

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