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FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
May 30, 2018 BTF for E3.3-E3.7bln, tap 6-month Aug 1, 2018 BTF for E1.3-E1.7bln
and issue new 12-month Feb 27, 2019 BTF for E1.1-E1.1.5bln on Monday
- RV: The short end of the BTF curve has outperformed the middle to long end
since the last auction on Feb 19, leading the curve to bull steepen with the
3-month part of the yield curve around 4bp lower, the 6-month in the region of
2.4bp lower and the 12-month part of the yield curve around 1.3bp lower
- REDEMPTION: There will a BTF redemption of E7.442bln this week which leaves
net cash flow negative to the tune of E542mln which is seen underpinning demand
at the auction.
- HISTORY: At Feb 26 auction the AFT allotted E3.394bln 3-month BTF at an
average yield of -0.586% with cover of 2.2 times, allotted E1.696bln 6-month BTF
at an average yield of -0.589% with cover of 3.37 times and allotted E1.495bln
12-month at average yield -0.572% and cover of 3.21 times.
- TIMING: Results due to be announced at around 1355GMT.