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Free AccessFrance's Agence.......>
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) on Monday
re-opens 3-month Dec 12, 2018 BTF for E2.5-2.9bln, 6-month Feb 13, 2019 for
E0.8-1.2bln, 9-month May 22, 2019 for E0.0-0.4bln, and 12-month Aug 14, 2019 for
E0.7-1.1bln.
- BACKGROUND: At the previous auction on Sep 3, France sold E3.0bln of 3-month
BTF at -0.551% average yield and 2.3x cover, E1.2bln of 6-month BTF at -0.590%
and 3.6x cover, and E1.1bln of 12-month BTF at -0.555% and 3.7x cover.
- RV: Since the Sep 3 auction, BTF yields are little changed, but the 3-month
BTF has outperformed, with yield dropping 0.9bps lower to -0.5566%. As such, the
spread to German equivalents has fallen by 1.5bps, potentially reducing relative
attractiveness.
- REDEMPTIONS: The auction is seen being supported by large BTF redemptions of
E8.8bln in the week, which will easily exceed the upper end of AFT's target
issue range total of E5.6bln.
- 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.