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

FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new

3-month Jan 24, 2018 BTF for between E2.7-E3.1bln, tap 6-month Mar 14, 2017 BTF

for between E1.0-E1.4bln and tap 12-month Oct 10, 2018 BTF for between

E0.6-1.0bln on Monday.

- RV: The BTF curve has bear flattened since last weeks auction with the 3-month

part of the yield curve around 1.8bp higher, while the 6-month part of the yield

curve is around 1.0bp higher and the 12-month part of the yield curve is around

0.7bp higher.

- REDEMPTION: There is a E6.991bln redemption, which could leave net cash flow

negative to tune of E1.491bln which is seen underpinning demand at the auction.

- HISTORY: For comparison at the Oct 16 auction the AFT allotted E3.095bln

3-month BTF at an average yield of -0.701% with cover of 2.06 times and allotted

sold E1.396bln 6-month BTF at an average yield of -0.637% with cover of 3.49

times. At the last 12-month BTF auction on Sep 25, the AFT allotted E996mln at

average yield -0.597% and covered 3.59 times.

- TIMING: Results due to be announced at around 1255GMT.