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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new
3-month Dec 28, 2017 BTF for between E2.6-E3.0bln, tap 6-month Feb 14, 2017 BTF
for between E1.1-E1.5bln and tap 12-month Sep 12, 2018 BTF for between
E0.5-E0.9bln on Monday.
- RV: The BTF curve pivoted slightly since last weeks auction with the 3-month
part of the yield curve around1bp higher, while the 6-month part of the yield
curve is around 0.8bp lower, and the 12-month yield point is around 0.5bps
higher.
- REDEMPTION: There will be a redemption this week of E6.01bln, therefore could
leave net cash flow negative to the tune of E610mln which is seen underpinning
demand at the auction.
- HISTORY: At the Sep 18 auction the AFT allotted E2.798bln 3-month BTF at an
average yield of -0.619% with cover of 1.94 times, allotted sold E1.392bln
6-month BTF at an average yield of -0.627% with cover of 3.42 times and allotted
E996mln 12-month BTF at average yield -0.586% and cover of 3.57 times. 
- TIMING: Results due to be announced at around 1255GMT.

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