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

FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Sep 12, 2018 BTF for E2.8-E3.2bln, tap 6-month Oct 24, 2018 BTF for E0.9-E1.3bln
and tap 12-month May 22, 2019 BTF for E0.6-E1.0bln on Monday
- RV: The front end of the BTF curve has outperformed the middle and long end
since the last auction on May 28, leading the curve to steepened slightly. The
3-month yield has fallen around 3bp and the 6-month part of the yield curve by
2bp lower, while the 12-month part of the yield curve is in the region of 1.8bp
- REDEMPTION: There will a BTF redemption of E8.24bln this week which leaves net
cash flow negative to the tune of E2.74ln which is seen underpinning demand at
the auction.
- HISTORY: At May 28 auction the AFT allotted E3.395bln 3-month BTF at an
average yield of -0.583% with cover of 2.07 times, allotted E1.299bln 6-month
BTF at an average yield of -0.580% with cover of 3.81 times and allotted
E1.298bln 12-month at average yield -0.567% and cover of 2.33 times. 
- TIMING: Results due to be announced at around 1255GMT.

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