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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.