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

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) issue a new
3-month Feb 21, 2018 BTF for between E3.3-E3.7bln, tap 6-month Apr 11, 2017 BTF
for between E1.0-E1.4bln and tap 12-month Nov 7, 2018 BTF for between
E0.7-E1.1bln on Monday.
- RV: The BTF curve has modestly bull steepened since last weeks auction with
the 3-month part of the yield curve around 4bp lower, the 6-month part of the
yield curve is around 1.5bp lower, while the 12-month part of the yield curve
are is little changed.
- REDEMPTION: There will be a redemption this week of E6.091bln, therefore could
leave net cash flow positive to the tune of E109mln which is seen weighing on
demand at the auction.
- HISTORY: At Nov 13 auction the AFT allotted E2.795bln 3-month BTF at an
average yield of -0.685% with cover of 2.54 times and allotted sold E1.194bln
6-month BTF at an average yield of -0.672% with cover of 3.64 times and allotted
E1.496bln 12-month BTF at average yield -0.643% and cover of 2.56 times. 
- TIMING: Results due to be announced at around 1355GMT.

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