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On Monday, France.....>

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: On Monday, France re-opens 3-month Jan 9, 2019
BTF for between E2.5-2.9bln, re-opens 6-month Mar 13, 2019 BTF for between
E0.6-1.0bln, and re-opens 12-month Sep 11, 2019 BTF for between E0.5-0.9bln.
- BACKGROUND: At last week`s BTF auction at which these bills were offered, AFT
sold E2.793bln of the 3-month Jan 9 at an average yield of -0.662% and cover
ratio of 2.71x, E1.025bln of the 6-month Mar 13 at an average yield of -0.581%
and cover ratio of 4.66x, and E0.897bln of the 12-month Sep 11 at an average
yield of -0.551% and cover ratio of 4.52x.
- RV/HISTORY: BTF yields have dipped slightly since last week`s sale of the same
issues, with 3-month yields down 0.2bps at -0.664%, 6-month yields down 0.1bps
at -0.587% and 12-month down 0.5bps at -0.555%.
- REDEMPTIONS: There are no French bill redemptions due the week of 8 October.
- TIMING: Results are due shortly after the auction closes at 1255GMT.

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