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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Oct 3, 2018 BTF for E2.6-E3.0bln, issue new 6-month Dec 19, 2018 BTF for
E0.6-E1.0bln and tap 12-month Jun 19, 2019 BTF for E0.4-E0.8bln on Monday
- RV: The BTF curve has shifted slightly higher since last week auction, however
French government paper remains in good demand and still offer a good yield
pick-up versus Bubills and DTCs.
- REDEMPTION: There will a BTF redemption of E7.38bln this week which leaves net
cash flow negative to the tune of E2.58bln which is seen underpinning demand at
the auction.
- HISTORY: At Jul 2 auction the AFT allotted E2.999bln 3-month BTF at an average
yield of -0.604% with cover of 2.62 times, allotted E994mln 6-month BTF at an
average yield of -0.598% with cover of 3.72 times and allotted E796mln 12-month
at average yield -0.57% and cover of 3.585 times. 
- TIMING: Results due to be announced at around 1255GMT.

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