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On Dec 3 the Agence...>

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: On Dec 3 the Agence France Tresor comes to market
for a combined E3.4-4.6bln selling 3 BTFs. The BTFs on offer are the 3-month Mar
6, 2019 for E2.4-2.8bln, 6-month May 8, 2019 for E0.6-1.0bln and 12-month Nov 6,
2019 for E0.4-0.8bln. 
- HISTORY: For comparison, at the last auction on Nov 26: 
E3.58bln of the 3-month BTF was allotted, average yield -0.710%, cover 2.34x. 
E1.16bln of the 6-month BTF was allotted, average yield -0.657%, cover 3.53x. 
E0.8bln of the 12-month BTF was allotted, average yield -0.572%, cover 4.19x.  
- BACKGROUND: French OATs close marginally down at the short end of the curve on
Friday, whilst other core EGBs rallied slightly. The 2-year yield currently
trades at -0.455% losing 0.7bps on Friday, with the 5-year at 0.022% having lost
0.4bps on Friday. 
- TIMING: Results will be due shortly after the auction closes at 1355GMT.  

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