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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue new
3-month Jun 13, 2018 BTF for E3.5-E3.9bln, tap 6-month Aug 1, 2018 BTF for
E1.5-E1.9bln and 12-month Feb 27, 2019 BTF for E1.0-E1.1.4bln on Monday
- RV: The middle part of the BTF curve has outperformed the short and long end
since the last auction on Mar 05, leading the curve to pivot slightly with the
3-month part of the yield curve around 1bp higher, the 6-month in the region of
1.5bp lower and the 12-month part of the yield curve around 1bp higher.
- REDEMPTION: There will a BTF redemption of E5.841bln this week which leaves
net cash flow positive to the tune of E1.359bln which is seen weighing on demand
at the auction.
- HISTORY: At Mar 5 auction the AFT allotted E3.698bln 3-month BTF at an average
yield of -0.641% with cover of 1.93 times, allotted E1.692bln 6-month BTF at an
average yield of -0.623% with cover of 3.06 times and allotted E1.498bln
12-month at average yield -0.589% and cover of 2.94 times. 
- TIMING: Results due to be announced at around 1355GMT.

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