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On Jan 10 the Agence.........>

FRANCE AUCTION PREVIEW
FRANCE AUCTION PREVIEW: On Jan 10 the Agence France Tresor comes to market for a
combined E8.0bln-E9.0bln re-opening the 0.75% Nov-28, 1.25% May-34, and 2.00%
May-48 OATs.
- HISTORY: For comparison at the last auction of the aforementioned bonds Oct 4,
2018: 
E4.65bln allotted of the 0.75% Nov-28 OAT, average yield 0.86%, cover 1.59x. 
E1.42bln allotted of the 1.25% May-34 OAT, average yield 1.23%, cover 1.59x.  
E2.80bln allotted of the 2.00% May-48 OAT, average yield 1.70%, cover 1.39x. 
- RV/BACKGROUND: On Wednesday the French Consumer Confidence Index for December
gave it's lowest figure since late 2014 retracting from 91 to 87 as Europe's
second biggest economy continues to slowdown, amplified by the 'yellow vest'
protests.
The long end of the curve made moderate gains across Wednesday, outperforming
the belly and shorter end sections. The 10-yr yield is down 2bps to trade at
0.714%, 15-yr down 2.4bps at 1.153%, and 30-yr down 2.6bps at 1.641%.
- TIMING: Results will be due shortly after the auction closes at 0950GMT. 

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