The Agence France Tresor.....>

FRANCE AUCTION PREVIEW: The Agence France Tresor will come to market on Thursday

for E8.0bln-E9.0bln in OATs, and E1.0-1.5bln in Index-linked OATs. 

On offer are the 0.00% Feb-22, 2.25% Oct-22, 0.00% Mar-24, and 6.00% Oct-25

OATs. And 2.10% Jul-23, 1.85% Jul-27, and 0.10% Jul-36 OATis. 

- HISTORY: Results of the last auction of the above bonds are below: 

0.00% Feb-22 OAT:  average yield -0.35%, cover 2.03x, on 24/01/19.

2.25% Oct-22 OAT:  average yield  0.01%, cover 2.52x, on 20/07/17. 

0.00% Mar-24 OAT:  average yield -0.06%, cover 2.11x, on 24/01/19.

6.00% Oct-25 OAT:  average yield  0.57%, cover 2.74x, on 15/02/18.

2.10% Jul-23 OATi: average yield -1.12%, cover 2.38x, on 15/03/18.

1.85% Jul-27 OATi: average yield -0.85%, cover 1.86x, on 18/10/18. 

0.10% Jul-36 OATi: average yield -0.28%, cover 2.24x, on 20/09/18.  

- BACKGROUND: French yields remain under downward pressure as the economy

struggles. The 2s5s spread has tightened 11bps since mid-January and is

currently at 36.1bps, close to year lows.   

- TIMING: Results of the OATs are due at 0950GMT, index-linked OATs at 1050GMT.