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Free AccessFrance's Agence.......>
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.