Free Trial

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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Nov 14, 2018 BTF for E2.4-E2.8bln, tap 6-month Jan 16, 2019 BTF for E0.7-E1.1bln
and issue new 12-month Aug 14, 2019 BTF for E0.7-E1.1bln on Monday
- RV: The 6-month part of the BTF curve has pared some of its recent
outperformance this week with spreads to the 3-month and 12-month narrowing.  
- REDEMPTION: There will a BTF redemption of E7.527bln this week which leaves
net cash flow negative to the tune of E2.5bln which is seen underpinning demand
at the auction. The yield on both the 3-month and 12-month BTFs are little
changed from last Monday's auction level, however the 6-month yield has
increased in the region of 2bps.
- HISTORY: At Aug 13 auction the AFT allotted E2.697bln 3-month BTF at an
average yield of -0.534% with cover of 3.41 times, allotted E1.499bln 6-month
BTF at an average yield of -0.622% with cover of 2.81 times and allotted E997mln
12-month at average yield -0.559% and cover of 3.72 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.