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Free AccessFrance's Agence.......>
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Oct 31, 2018 BTF for E2.3-E2.7bln, issue new 6-month Jan 16, 2018 BTF for
E0.7-E1.1bln and tap 12-month Jul 17, 2019 BTF for E0.6-E1bln on Monday
- RV: The BTF curve has flattened slightly since last weeks auction, as both the
3-month and 6-month part of the curve are little changed, however the 12-month
BTF is in the region of 0.5bp 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 E6.35bln this week which leaves net
cash flow negative to the tune of E1.55bln which is seen underpinning demand at
the auction.
- HISTORY: At Jul 30 auction the AFT allotted E2.796bln 3-month BTF at an
average yield of -0.534% with cover of 2.43 times, allotted E998mln 6-month BTF
at an average yield of -0.532% with cover of 4.18 times and allotted E998mln
12-month at average yield -0.540% and cover of 3.43 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.