/OATi: On Nov 22 the.........>

FRANCE AUCTION PREVIEW: /OATi: On Nov 22 the Agence France Tresor comes to

market for a combined E0.75bln-E1.25bln, offering the 0.25% Jul-24, 0.10%

Mar-28, and 0.70% Jul-30 OATis.

- HISTORY: For comparison at the last auction of the 0.25% Jul-24 OATi on Apr

19, 2018, E0.673 was allotted, average yield of -1.28%, cover of 2.55x. 

At the last auction of the 0.10% Mar-28 OATi on Apr 19, 2018, E0.58bln was

allotted, average yield of -0.67%, cover of 2.23x.

At the last auction of the 0.70% Jul-30 OATi on Sep 20, 2018, E0.685bln was

allotted, average yield of -0.57%, cover of 1.77x.   

- RV/BACKGROUND: The short end of the curve sold off in the morning of Nov 21,

but gradually pulled back losses across the day. 

The 2-yr currently trades at -0.449%, up 0.9bps on the day having traded in a

range of -0.457% to -0.433%. The 5-yr is at 0.084%, up 0.8bps having traded in a

range of 0.076% to 0.102%. The 10-yr spread vs Bunds is at 40bps, down by 1bp. 

French composite PMI is released Friday morning at 0800GMT.

- TIMING: Results will be due shortly after the auction has finished at 0850GMT.