The Agence France Tresor.....>

FRANCE AUCTION PREVIEW: The Agence France Tresor (AFT) conducts its long-term

auctions on Thursday that includes tap of 10-year OAT 0.75% May-2028, 15-year

1.25% May-2034, 1.75% June-2039 and 30-year 2.00% May-2048 for between

E7.5bln-E8.5bln indicative size.

- BACKGROUND: The AFT has so far sold E65.2bln worth of medium-/long term debt

vs official target of E195bln (net of buybacks). There are no French coupon or

redemption payments to underpin demand.  

- RV: The 10-year 0.75% 2028 OAT trades at 0.731% mid-yield - near richest level

since late Dec and was last sold on Mar 1 for E2.94bln at an average yield of

0.900% and cover 1.856 times. The 15-year 1.25% 2034 OAT trades at 1.134%, and

was last sold on Feb 1 for E3.3bln at an average yield of 1.33% and covered

1.34. The 1.75% 2039 OAT trades at 1.336% mid-yield and was last sold on July

12, 2017 - therefore not comparable. The 30-year 2.00% 2048 OAT trades at 1.581%

and last sold on Mar 1 for E1.26bln at an average yield of 0.71%, cover 1.98. 

- TIMING: OAT auction results due after 0900GMT.