On Jan 24 the Agence.........>

FRANCE AUCTION PREVIEW: On Jan 24 the Agence France Tresor will come to market

for E8.0-9.0bln in nominal OATs and a further E1.0bln-1.5bln in linker OATs.

Nominal bonds on offer are the new 0.00% Feb-22 OAT, the 0.00% May-22, 0.00%

Mar-24, and 0.50% May-25 OATs. The linkers are the 0.25% Jul-24, 0.10% Mar-28,

and 0.10% Jul-47 OATEi.

- HISTORY: At the most recent auction of the aforementioned bonds:

On Dec 6: E0.9bln allotted of May-25 OATs, average yield 0.15%, cover 2.79x. 

On Nov 22: E2.4bln allotted of May-22 OATs, average yield -0.29%, cover 2.08x;

E2.4bln allotted of Mar-24 OATs, average yield 0.06%, cover 2.37x; E0.4bln

allotted of Jul-24 OATEi, average yield -1.09%, cover 2.30x, E0.4bln of Mar-28

OATEi, average yield -0.48%, cover 2.21x. 

On Oct 18: E0.1bln allotted of Jul-47 OATEi, average yield -0.09%, cover 3.57x.

- RV/BACKGROUND: Periphery EGBs have been well bid in syndications and auctions

so far in 2019. OAT yields are down 2-4bps across the curve on the week.    

- TIMING: Results are due shortly after the auction closes at 0950GMT for the

nominals, and 1050GMT for the linkers.