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FRANCE T-BILL AUCTION PREVIEW
FRANCE T-BILL AUCTION PREVIEW: The Agence France Tresor (AFT) will re-open the
3-month Dec 12, 2018, the 6-month Feb 13, 2019 and the 12-month Sep 11, 2019 for
a combined E3.8-5.0bln on Monday.
- BACKGROUND: At the previous auction on September 10, France sold E2.9bln of
the 3-month BTF at an average yield of -0.550% and cover ratio of 2.9x,
E1.198bln of the 6-month BFT at an average yield of -0.596% and cover ratio of
3.3x, and E1.097bln of the 12-month BFT at an average yield of -0.560% and cover
of 3.4x. 
- RV/HISTORY: There has been little movement in French BTF yields since the last
auction. The previously auctioned 12-month BFT - the Aug 14, 2019 - currently
trades at -0.557% up marginally from -0.560% on September 10
- REDEMPTIONS: There are E5.1bln in EGB redemptions this week, but no
French-specific redemptions.
- TIMING: Results are due shortly after the auction closes at 1255GMT.

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