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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue new
3-month Jan 10, 2018 BTF for between E2.8-E3.2bln and tap 6-month Feb 14, 2017
BTF for between E0.8-E1.2bln on Monday.
- RV: The front end of the BTF yield curve has shifted higher since last weeks
auction with both the 3-month and 6-month part of the yield curve around 2bp
higher.
- REDEMPTION: There will be a redemption this week of E6.152bln, therefore could
leave net cash flow negative to the tune of E1.752bln which is seen underpinning
demand at the auction.
- HISTORY: For comparison at the Oct 2 auction the AFT allotted E2.591bln
3-month BTF at an average yield of -0.588% with cover of 2.03 times and allotted
E1.594bln 6-month BTF at an average yield of -0.629% with cover of 2.58 times. 
- TIMING: Results due to be announced at around 1255GMT.

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