Free Trial

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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Feb 7, 2018 BTF for between E2.4-E2.8bln, tap 6-month Apr 11, 2017 BTF for
between E0.8-E1.2bln and issue a new 12-month Nov 7, 2018 BTF for between
E1.1-E1.5bln on Monday.
- RV: The BTF curve has modestly flattened since last weeks auction with the
3-month part of the yield curve around 0.5bp higher, while the 6-month and
12-month part of the yield curve are around 0.5bps & 1.5bp lower respectively.
- REDEMPTION: There will be a redemption this week of E6.446bln, therefore could
leave net cash flow negative to the tune of E946mln which is seen underpinning
demand at the auction.
- HISTORY: For comparison at the Nov 6 auction the AFT allotted E2.995bln
3-month BTF at an average yield of -0.687% with cover of 2.13 times and allotted
sold E1.194bln 6-month BTF at an average yield of -0.667% with cover of 3.56
times and allotted E1.197bln 12-month BTF at average yield -0.631% and cover of
4.615 times. 
- TIMING: Results due to be announced at around 1355GMT

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.