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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue new
3-month Apr 18, 2018 BTF for E3.0-E3.4bln, tap 6-month Jun 20, 2018 BTF for
E0.8-E1.2bln and 12-month Jan 04, 2018 BTF for E0.7-E1.1bln on Monday
- RV: The front end of the BTF curve has outperformed the middle to long end
since the last auction on Jan 8 with the 3-month part of the yield curve 1bp
lower, while the 6-month and 12-month part of the yield are around 2.5bp higher.
- REDEMPTION: There will a BTF redemption of E5.974bln this week which leaves
net cash flow negative to the tune of E274mln which is seen supporting demand at
the auction.
- HISTORY: At Jan 8 auction the AFT allotted E3.397bln 3-month BTF at an average
yield of -0.571% with cover of 1.93 times, allotted E1.05bln 6-month BTF at an
average yield of -0.560% with cover of 3.14 times and allotted E1.3bln 12-month
at average yield -0.557% and cover of 2.50 times. 
- TIMING: Results due to be announced at around 1355GMT

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