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Free AccessFrance's Agence.......>
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Oct 17, 2018 BTF for E2.5-E2.9bln, tap 6-month Dec 19, 2018 BTF for E0.5-E0.9bln
and issue a new 12-month Jul 17, 2019 BTF for E0.6-E1bln on Monday
- RV: The BTF curve is a touch flatter since last week auction, as the 3-month
part of the curve falls by around 0.5bps while the 6-month and 12-month are in
the region of 1.5bp lower. 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 E7,191bln this week which leaves
net cash flow negative to the tune of E2.391bln which is seen underpinning
demand at the auction.
- HISTORY: At Jul 16 auction the AFT allotted E3.294bln 3-month BTF at an
average yield of -0.575% with cover of 2.23 times, allotted E1.096bln 6-month
BTF at an average yield of -0.567% with cover of 2.97 times and allotted E995mln
12-month at average yield -0.563% and cover of 3.89 times.
- TIMING: Results due to be announced at around 1255GMT.
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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.