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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 Mar 21, 2018 BTF for E3.1-E3.5bln and tap 6-month May 9, 2018 BTF for
E0.6-E1.0bln Monday.
- RV: The BTF curve has bull steepened since last weeks auction with the 3-month
part of the yield curve around 10bp lower as funds look to park cash somewhere
over the holiday period, while the 6-month part of the yield curve is around 4bp
lower and the 12-month little changed.
- REDEMPTION: There will be a redemption this week of E6.139bln, therefore could
leave net cash flow negative to the tune of E1.639bln which is seen underpinning
demand at the auction.
- HISTORY: At Dec 11 auction the AFT allotted E3.499bln 3-month BTF at an
average yield of -0.790% with cover of 1.996 times and allotted E1.596bln
6-month BTF at an average yield of -0.758% with cover of 2.005 times. 
- TIMING: Results due to be announced at around 1355GMT.

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