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FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Jan 24, 2018 BTF for between E2.6-E3.0bln, issue a new 6-month Apr 11, 2017 BTF
for between E1.1-E1.5bln and tap 12-month Oct 10, 2018 BTF for between
E0.6-E1.0bln on Monday.
- RV: The BTF curve has modestly flattened since last weeks auction with the
3-month part of the yield curve little changed, while the 6-month part of the
yield curve is around 1.2bp lower, and 12-month yield point around 1bps lower.
- REDEMPTION: There will be a redemption this week of E6.96bln, therefore could
leave net cash flow negative to the tune of E1.46bln which is seen underpinning
demand at the auction.
- HISTORY: For comparison at the Oct 23 auction the AFT allotted E3.095bln
3-month BTF at an average yield of -0.688% with cover of 1.74 times and allotted
sold E1.396bln 6-month BTF at an average yield of -0.644% with cover of 3.01
times and allotted E996mln 12-month BTF at average yield -0.591% and cover of
- TIMING: Results due to be announced at around 1355GMT.