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On Nov 26 the.........>

FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: On Nov 26 the Agence France Tresor comes to
market for a combined E4.0-5.2bln of BTFs. On offer are the 3-month Feb 20, 2019
BTF for E2.9-3.3bln, the 6-month May 8, 2019 BTF for E0.7-1.1bln, and the
12-month Nov 6, 2019 BTF for E0.4-0.8bln.
- HISTORY: For comparison at the last auction of BTFs:
E3.00bln of the 3-month BTF was allotted at an average yield of -0.67% with a
cover of 2.5x. 
E1.10bln of the 6-month BTF was allotted at an average yield of -0.65% with a
cover of 3.41x.
E0.99bln of the 12-month BTF was allotted at an average yield of -0.566% with a
cover of 3.42x. 
- RV/BACKGROUND: The French yield curve bull flattened on Nov 23 as weak French
PMI data and the oil sell off lead investors towards safer investments.
The 10-year yield has outperformed, dropping 3.2bps to trade at 0.716%. 
The 2-year is currently 0.8bps down at -0.454%. 
- TIMING: Results will be due shortly after the auction closes at 1455GMT. 

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