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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new
3-month Jun 27, 2018 BTF for E3.1-E3.5bln, tap 6-month Aug 29, 2018 BTF for
E0.8-E1.2bln and tap 12-month Feb 27, 2019 BTF for E0.8-E1.2bln on Monday
- RV: The middle part of the BTF curve has underperformed the short and long end
since the last auction on Mar 19, leading the curve to pivot slightly with the
3-month and 12-month part of the yield curve little changed, while the 6-month
part of the yield curve is in the region of 1bp higher.
- REDEMPTION: There will a BTF redemption of E6.272bln this week which leaves
net cash flow negative to the tune of E372mln which is seen underpinning demand
at the auction.
- HISTORY: At Mar 19 auction the AFT allotted E3.896bln 3-month BTF at an
average yield of -0.623% with cover of 1.63 times, allotted E1.597bln 6-month
BTF at an average yield of -0.621% with cover of 2.22 times and allotted
E1.295bln 12-month at average yield -0.578% and cover of 3.35 times. 
- TIMING: Results due to be announced at around 1255GMT.

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