Free Trial

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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new
3-month Oct 3, 2018 BTF for E2.6-E3.0bln, tap 6-month Nov 21, 2018 BTF for
E0.6-E1.0bln and tap 12-month Jun 19, 2019 BTF for E0.4-E0.8bln on Monday
- RV: The short-end of the BTF curve has outperformed the middle and long end
since the last auction on Jun 25, leading the curve to steepen slightly. The
3-month part of the yield curve is around 1.5bp lower while the 6-month is
little changed, and the 12-month part of the yield curve is in the region of 2bp
higher.
- REDEMPTION: There will a BTF redemption of E6.333bln this week which leaves
net cash flow negative to the tune of E1.533bln which is seen underpinning
demand at the auction.
- HISTORY: At Jun 25 auction the AFT allotted E2.994bln 3-month BTF at an
average yield of -0.609% with cover of 3.15 times, allotted E998mln 6-month BTF
at an average yield of -0.604% with cover of 3.99 times and allotted E997mln
12-month at average yield -0.584% and cover of 3.28 times. 
- TIMING: Results due to be announced at around 1255GMT.

To read the full story

Close

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.