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

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.

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