Monday afternoon......>

FRANCE T-BILL AUCTION PREVIEW: Monday afternoon sees the Agence France Tresor

come to market for a combined E2.7-4.3bln. On offer are May 15 2019, Jul 3 2019,

Nov 6 2019, and Jan 29 2020 BTFs.

- HISTORY: For comparison, last weeks BTF auction results are listed below. 

 3-month: average yield -0.53%, cover 1.97x.

 6-month: average yield -0.52%, cover 4.14x. 

12-month: average yield -0.52%, cover 3.16x. 

- BACKGROUND: French data on Friday showed a positive surprise to the M/M IP but

with a downward revision to Nov sees the Y/ Y in line with expectations. That

left the Y/Y print increasing to -1.4% Y/Y, up from -2.2% last month, but -1.4%

still represents the third weakest print since the beginning of 2015.

Manufacturing production was a little weaker, with a small downgrade to Nov. 

Euribor futures have seen the curve flatten a little towards the end of last

week. Whites are unchanged on Friday, Reds were 0.5 ticks higher with Greens and

Blues 1 tick higher.

- TIMING: Results are due shortly after the auction closes at 1350GMT.