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 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.

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.