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FRANCE AUCTION PREVIEW: On Thursday, France sells three nominal OATs for a
combined total of between E7.5-9.0bln: 0.50% May-29 OAT, 1.25% May-34 OAT, and
1.50% May-50 OAT.
- HISTORY: The May-29 is the benchmark 10-Yr OAT, and was last sold on Mar 7 at
average yield 0.57% and bid-to-cover of cover of 1.88x. The 15-Yr May-34 was
also sold Mar 7, on a yield of 0.99% and cover of 1.94x. This will be the first
re-opening of the May-50, which was launched via syndication in February.
- RV: Since the Mar 7 auction of 10s and 15s, the curve has bull flattened, with
most gains in the 15-20Yr segment (10-12bps). The 10-Yr and 30-Yr segments have
lagged (yields down down 8.5bps). OATs have cheapened versus Bunds overall, with
the latter rallying amid concerns over the European growth trajectory. The 10-Yr
OAT/Bund spread has widened by around 4bps to 39bps over the past month.
Notably, a concurrent Spain 10-Year sale Thursday morning (results around
0945BST) could potentially weigh from a supply perspective.
- TIMING: Results are expected around 0950BST.