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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Nov 29, 2017 BTF for between E2.6-E3.0bln, issue new 6-month Feb 14, 2017 BTF
for between E1.2-E1.6bln and tap 12-month Aug 15, 2018 BTF for between
E0.6-E1.0bln on Monday.
- RV: The BTF curve is little changed since last weeks auction with the markets
seen looking ahead to key ECB governing council meeting on Sep 7 and any
possible hints of amendment to its QE programme.
- REDEMPTION: There will be no redemption this week, therefore could leave net
cash flow positive to the tune of E5.6mln which is seen weighing on demand at
the auction.
- HISTORY: For comparison at the Aug 28 auction the AFT allotted E3.296bln
3-month BTF at an average yield of -0.629% with cover of 2.29 times, allotted
sold E1.293bln 6-month BTF at an average yield of -0.642% with cover of 3.64
times and allotted E1.197bln 12-month BTF at average yield -0.571% and cover of
3.64 times.

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