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

FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new
3-month Oct 17, 2018 BTF for E2.9-E3.3bln, tap 6-month Dec 19, 2018 BTF for
E0.7-E1.1bln and tap 12-month Jun 19, 2019 BTF for E0.6-E1bln on Monday
- RV: The BTF curve is a touch steeper since last weeks auction, as the 3-month
part of the curve falls by 1bps while the 6-month and 12-month are little
changed. 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 E3.632bln this week which leaves
net cash flow positive to the tune of E1.768bln which is seen weighing on demand
at the auction.
- HISTORY: At Jul 9 auction the AFT allotted E2.997bln 3-month BTF at an average
yield of -0.576% with cover of 3.55 times, allotted E996mln 6-month BTF at an
average yield of -0.564% with cover of 4.0 times and allotted E793mln 12-month
at average yield -0.558% and cover of 4.77 times. 
- TIMING: Results due to be announced at around 1255GMT.

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