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

FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Apr 18, 2018 BTF for E2.9-E3.1bln, issue new 6-month Jul 4, 2018 BTF for
E01.1-E1.5bln and tap 12-month Jan 04, 2018 BTF for E0.8-E1.2bln on Monday
- RV: The belly of the BTF curve has underperformed the wings since the last
auction on Jan 15 with the 3-month part of the yield curve 2bp lower and the
12-month 1bp lower, while the 6-month is around 0.5bp higher.
- REDEMPTION: There will a BTF redemption of E6.14bln this week which leaves net
cash flow negative to the tune of E140mln which is seen supporting demand at the
- HISTORY: At Jan 15 auction the AFT allotted E3.394bln 3-month BTF at an
average yield of -0.569% with cover of 2.69 times, allotted E1.196bln 6-month
BTF at an average yield of -0.542% with cover of 3.67 times and allotted
E1.093bln 12-month at average yield -0.543% and cover of 4.22 times. 
- TIMING: Results due to be announced at around 1355GMT.

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