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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: France's Agence France Tresor (AFT) tap 3-month
Aug 22, 2018 BTF for E3-E3.4bln, tap 6-month Oct 24, 2018 BTF for E0.9-E1.3bln
and issue a new 12-month May 22, 2019 BTF for E0.9-E1.3bln on Monday
- RV: The middle part of the BTF curve has underperformed the short and long end
since the last auction on May 22, leading the curve to pivot slightly with the
3-month and 12-month part of the yield curve 3bp and 2bp lower, while the
6-month part of the yield curve is in the region of 0.5bp lower.
- REDEMPTION: There will a BTF redemption of E7.794bln this week which leaves
net cash flow negative to the tune of E1.794nln which is seen underpinning
demand at the auction.
- HISTORY: At Mar 22 auction the AFT allotted E3.199bln 3-month BTF at an
average yield of -0.568% with cover of 2.45 times, allotted E1.199bln 6-month
BTF at an average yield of -0.573% with cover of 5.25 times and allotted E1bln
12-month at average yield -0.567% and cover of 3.425 times. 
- TIMING: Results due to be announced at around 1255GMT.

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