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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) sells a
combined E5.3bn of BTF on Monday, including sale of new 6-month Feb 13, 2019 BTF
for E1.2bln, as well as taps of the 3-month Nov 28, 2018 BTF for E3.0bln, and
12-month Aug 14, 2019 BTF for E1.1bln.
- BACKGROUND: At the last auction on Aug 27, AFT sold 3-month BTF at average
yield -0.545% and 2.2x cover; 6-month BTF at average yield -0.616% and 3.3x
cover; and 12-month BTF at average yield -0.545% and 3.1x cover.
- RV: 12-month BTF yields are slightly lower compared with the last auction on
Aug 27, down 1.3bps to -0.550%, compared with 3- and 6- month BTFs whose yields
are down just 0.1bps each at -0.547% and -0.609%, respectively. Spreads vs
German equivalents are flat for each instrument.
- REDEMPTION: There are no French BTF redemptions this week, with overall
Eurozone redemption flows light with just E1.0bln from Greece, leaving cash flow
positive by around E10.5bln compared with negative E4.9bln last week.
- TIMING: Results due to be announced at around 1255GMT.

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