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FRANCE T-BILL AUCTION PREVIEW: On Monday afternoon, Agence France Tresor (AFT)
re-opens 3-month Dec 12, 2018 BTF for between E2.6-3.0bln, re-opens 6-month Feb
13, 2019 BTF for between E0.6-1.0bln, and 12-month Sep 11, 2019 BTF for between
E0.5-0.9bln, for a total of between E3.7-4.9bln.
- BACKGROUND: At the last BTF auction on Sep 17, at which these bills were
offered, AFT sold E2.8bln of Dec 12 2018 BTF at avg yield -0.556% and cover
2.38x, E1.1bln of Feb 13 2019 BTF at avg yield -0.586% and cover 3.39x, and
E1.1bln of Sep 11 2019 BTF at avg yield -0.551% and cover 3.71x.
- RV/HISTORY: The change in yields on 3/6/12-month BTF is mixed since the last
auction, with 3-month yields 0.9bps lower at -0.594%, 6-month 0.3bps higher at
-0.576%, and 12-month 1.7bps higher at -0.545%.
- REDEMPTIONS: E4.8bln of maturing BTFs this week, near the upper end of this
auction's total target size, is seen supporting the auction.
- TIMING: Results are due shortly after the auction closes at 1255GMT.